Satcon Supplier Makes $6M Asset Bid In Last-Minute Deal

Law360, Wilmington (May 29, 2013, 9:37 PM EDT) -- China-based Great Wall Energy on Wednesday reached an eleventh-hour deal to purchase the assets of shuttered solar firm Satcon Technology Corp. for $6.25 million, trumping a previous offer that had been teed up for a sale hearing in Delaware bankruptcy court.

Chapter 7 trustee Charles M. Forman had tapped American Energy Industries Inc. as the winning bidder following an April 29 auction and presented a sale motion for the court's consideration, but the announcement of the new deal pushed aside the previously scheduled agenda.

Advanced Energy's offer had been contingent on certain terms that had not been met, Great Wall attorney...

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