Satcon Heads To Ch. 7 After Failing To Generate Buyer

Law360, Wilmington (February 5, 2013, 7:41 PM EST) -- Satcon Technology Corp. moved Monday to convert its insolvency proceedings to Chapter 7, the solar energy company telling a Delaware bankruptcy judge that its inability to find a buyer or fund continued operations left liquidation as the sole remaining option.

Since entering court protection in October, Boston-based Satcon and its subsidiaries have been financing their combined Chapter 11 cases with cash collateral in the hope of landing either a buyer or additional capital, but access to those funds was set to expire Wednesday after a planned...
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