Bankrupt Beacon Power Will Auction Assets

Law360, Wilmington (November 18, 2011, 8:25 PM EST) -- Beacon Power Corp., which owes $39 million on a loan guaranteed by the U.S. Department of Energy, gave up hope for a reorganization on Friday and committed to auctioning its assets while under bankruptcy protection in Delaware.

The smart grid technology company reached a last-minute deal with the DOE to fund the sale process with cash collateral attached to loan, but only after slashing its expected budget, Beacon attorney William R. Baldiga of Brown Rudnick LLP said at a court hearing.

Tyngsboro, Mass.-based Beacon intends to...
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