Satcon Technology Corp., a provider of utility-scale power conversion solutions for the renewable energy market, has announced that the company and its subsidiaries have filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code. The petitions were filed in the U.S. Bankruptcy Court for the District of Delaware.
"This has been a difficult time for Satcon," says Steve Rhoades, Satcon's president and CEO. "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."
In conjunction with the filings, Satcon filed a series of first-day motions that, with court approval, will allow the company to continue conducting business without interruption.
