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Hoku Lays Off 100 At Idaho Plant

Wed, 05/23/2012 - 10:18am
The Associated Press

HONOLULU (AP) — Honolulu-based commercial solar power company Hoku Corp. says its subsidiary is laying off about 100 employees at an Idaho manufacturing plant.

Hoku said in a statement Tuesday Hoku Materials needs to lay people off to save cash while it pursues restructuring alternatives.

The Pocatello plant was to have made silicon for solar panels. All contractors stopped construction work at the facility last month.

Hoku says some lienholders have started foreclosure proceedings against the plant in Idaho courts.

In January, the Nasdaq Stock Market warned it may delist Hoku because its stock was trading below $1 a share. The company has until July 10 to maintain a minimum bid closing price of at least $1 for 10 straight business days.

On Tuesday, Hoku shares closed down 3 cents at 20 cents.

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