Here is a better written article.

http://www.bloomberg.com/news/2012-10-16...bankruptcy.html

Looks like they received a $6 million grant in 2007, and then the $249 million grant in 2009. They used a total of $132 million of that grant, as they were required to spend dollar for dollar on the construction of two plant. $107 million was not distributed to date.

Chapter 11 BK allows for a re-organization, and the business will likely sell of some of its assets to remain afloat and settle issues with their priority lenders. Whether this company is dead or not has yet to be determined. Looks like they have a partial buyer for some of their assets.

Not a big fan of throwing money at something just because it is a green project at all. As a banker, without a solid plan that will produce self sustaining cash flow, I can't see any reason to support any grant or govt. guaranteed loan for any company.

If you want to be taken seriously, find a real article to make your point with, not some horribly slanted hit piece.