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.

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