Beacon Asks Court To Scuttle Its Ch. 11 Case

Law360, New York (March 27, 2012, 6:19 PM EDT) -- Bankrupt smart-grid company Beacon Power Corp. asked a court Tuesday to dismiss its Chapter 11 case, saying its $30.5 million sale to a private equity firm did not raise enough money to continue operating or administering the bankruptcy.

Lawyers for Beacon, which received a government-backed loan under the same stimulus program as ill-fated Solyndra LLC, said in a written motion that the company has essentially run out of money despite its sale to entities affiliated with Rockland Capital LLC.

“Here, it is simply not possible for...
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