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Economy

Hoku Goes Bankrupt, Pocatello Plant Shuttered

The parent company of a polysilicon manufacturing plant in eastern Idaho has filed for bankruptcy in Pocatello federal court.

The Idaho State Journal reports Hoku Corp. made the Chapter 7 filing Tuesday. It put the company's debt at nearly $1 billion.

Hoku Corp. is the parent company of Hoku Materials, which built the $700 million plant in Pocatello.

Letters sent to the company's creditors say the plant has been shut down and will be guarded around the clock by security. Nobody may enter unless authorized by bankruptcy trustee R. Sam Hopkins.

A meeting of the company's creditors has been scheduled for July 31. More than 30 entities are listed as creditors.

Honolulu-based Hoku announced it was delisting its stock from Nasdaq last year. Its website was offline on Thursday.

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