DayStar Technologies close to bankruptcy

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CIGS thin-film start-up, DayStar Technologies reported a first quarter loss of US$7.7 million, with US$6.5 million in cash and cash equivalents remaining. DayStar had total liabilities of US$16.0 million, and total stockholders’ equity was US$37.0 million. The company had US$10 million of purchase orders for equipment outstanding. The company said in its SEC 10Q filing that it would be forced to curtail operations as it had not been able to raise new funds to date.

In the SEC filing, DayStar noted that should further efforts to raise funds in the near-term be unsuccessful it would need to enter Chapter 11 bankruptcy.

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The company had previously said that it would need significant new capital to enable it to begin volume production of its thin-film CIGS technology.

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