By Tom Hals
WILMINGTON, Del, Feb 5 (Reuters) - Satcon Technology Corp
has given up hope of finding a buyer for its bankrupt business,
which converts renewable energy for the electrical grid, and
instead plans to conduct a piecemeal liquidation, according to
Since it filed for bankruptcy in October, Satcon has been
talking with potential bidders while at the same time
negotiating with its lenders for continued breathing room.
Boston-based Satcon did not receive any bids by Friday's
deadline that satisfied the company's lender, Silicon Valley
Bank, which refused to provide finance beyond Feb. 6, according
to documents filed with the U.S. Bankruptcy Court in Wilmington,
As a result, the company's board voted on Monday to convert
its bankruptcy to a Chapter 7 liquidation.
Under Chapter 7, the bankruptcy court typically appoints a
trustee who then decides whether to shut down the operations,
and who looks for the best way to sell the assets for the
benefit of the creditors.
The company said it had liabilities of $121.9 million when
it filed for bankruptcy.
Satcon makes inverters that help feed solar-generated power
into the electric grid. The company has been cutting its
workforce and trimming its operations, but was unable to
withstand the deep downturn in the solar power industry, which
has suffered from overcapacity and a steep drop in government
Other solar industry casualties have included Solyndra LLC,
Evergreen Solar Inc and Abound Solar.
Satcon requested a Wednesday hearing on the motion to
convert to a Chapter 7.
Calls and emails to the company's investor relations
department and chief financial officer were not immediately
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