Wind Blows Distributed Energy Systems Into Ch. 11

Law360, New York (June 5, 2008, 12:00 AM EDT) -- Distributed Energy Systems Corp. filed for bankruptcy on Wednesday, blaming lackluster business at fellow debtor and subsidiary Northern Power Systems Inc., which focuses on the design and sale of wind turbines.

Distributed Energy Systems and Northern Power both lodged Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware. The debtors listed assets of $16.8 million and debts of $65.5 million.

The primary objective of the bankruptcy proceedings is to enable DESC and Northern Power to consummate going concern sale transactions that will...
To view the full article, register now.