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Provider of utility scale power conversion solutions, Satcon Technology, has announced that the company and its subsidiaries have filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code. The petitions were filed in the US Bankruptcy Court for the District of Delaware.
Steve Rhoades, Satcon’s president and chief executive officer, said “This has been a difficult time for Satcon. After careful consideration of available alternatives, the company’s board of directors determined that the Chapter 11 filings were a necessary and prudent step, allowing the company to continue to operate while giving us the opportunity to reorganize with a stronger balance sheet and capital structure. Our goal is for Satcon to emerge from bankruptcy reorganization and continue to provide our customers with the quality products that they need.”
In conjunction with the filings, the company presented a series of first day motions with the court that, with court approval, will allow it to continue to conduct business without interruption. These motions are primarily designed to minimize any impact on the Satcon’s customers and employees. The company expects to obtain consent from its secured lenders to use cash collateral so as to provide the company with continued access to funds to operate its business.