The mortgage division of a company which used to be the financing arm of General Motors Company is filing for bankruptcy protection. Ally Financial's mortgage division is known as Rescap.The government-owned lender had reportedly been considering a chapter eleven filing for Rescap for some time.
A California Solar Energy company that had been touted by the Obama Administration as the world's largest solar power plant has filed for bankruptcy. U-S Senator Rand Paul of Kentucky says the situation is raising more questions about the energy companies the President has tried to help. The lawmaker from Bowling Green told WKU Public Radio, "He's for solar panels, as long as his friends build the solar panels, so I think there are some real problems here. "
Ener1, an Indianapolis-based company that received millions of dollars in federal stimulus funding, wants a Federal Bankruptcy Court in New York to approve a debt-restructuring plan. The company develops batteries for use in electric vehicles, but has reportedly faced major financial problems in recent months.