Solar company Satcon Technology
Corp. says it will seek Chapter 11
bankruptcy protection while it reorganizes its capital structure, according to
the Boston Business Journal. Satcon, based in Boston, had previously laid off
140 employees in January.
Satcon makes power conversion
equipment utilities use with renewable energy sources.
It is the second Massachusetts
clean energy company to file for bankruptcy protection within a few days of one
another. A123, a battery maker located just outside Boston, with facilities in
Michigan as well, declared bankruptcy and will sell its auto assets to Johnson
Controls.
In a statement, Satcon CEO Steve
Rhoades said, “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.”