Satcon Technology Corp. (SATC), a provider of utility scale power conversion solutions for the renewable energy market, announced that the company and its subsidiaries have filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code. The petitions were filed in the U.S. Bankruptcy Court for the District of Delaware. In conjunction with the filings, the company filed a series of first day motions with the Court that, with Court approval, will allow it to continue to conduct business without interruption.
Steve Rhoades, Satcon's President and Chief Executive Officer, said "After careful consideration of available alternatives, the Board 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."
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