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17 Oct '12, 2pm

Inverter Maker Satcon Files for Chapter 11 Bankruptcy

Inverter Maker Satcon Files for Chapter 11 Bankruptcy

Steve Rhoades, Satcon’s President and Chief Executive Officer, said in a statement , “This has been a difficult time for Satcon. After careful consideration of available alternatives, the Company’s Board of Directors determined that the Chapter 11 filings were a necessary and prudent step, allowing the Company to continue to operate while giving us the opportunity to reorganize with a stronger balance sheet and capital structure. Our goal is for Satcon to emerge from bankruptcy reorganization and continue to provide our customers with the quality products that they need.” The company is hoping to get court approval to continue to conduct business without interruption to minimize any impact on Satcon’s customers and employees. Satcon currently employs 260 people after cutting its workforce by 35 percent in July. No federal money has been awarded to Satcon but the California...

Full article: http://www.renewableenergyworld.com/rea/news/article/2012...

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