Hoku Materials in Pocatello is in a lot of financial trouble. Foreclosure proceedings have started for the $700 million manufacturing plant, before any actual manufacturing has been done.

According to the Idaho Statesman, Hoku was planning to have the plant up and running and employing around 200 workers. But the market, manufacturing polysilicon for solar panels, took a dive and left Hoku with little or no business.

Hoku has nearly $280 million in liabilities, with just $7.7 million in cash and $6.7 million in other assets.