Satcon Technology Corporation Announces Chapter 11 Bankruptcy Filing
17 October 2012 - 11:00PM
Business Wire
Satcon Technology Corporation® (NASDAQ CM:SATC), a leading
provider of utility scale power conversion solutions for the
renewable energy market, today 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 U.S.
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 filed 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
Company’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.
For access to Court documents and other general information
about the Chapter 11 cases, please visit the website administered
by the Company’s claims agent, Epiq Bankruptcy Solutions, LLC, at
http://dm.epiq11.com/satcon.
About Satcon
Satcon Technology Corporation is a leading provider of
utility-grade power conversion solutions for the renewable energy
market, enabling the industry's most advanced, reliable and proven
clean energy alternatives. For more than ten years, Satcon has
designed and delivered advanced power conversion products that
enable large-scale producers of renewable energy to convert the
clean energy they produce into grid-connected efficient and
reliable power. To learn more about Satcon, please visit
www.Satcon.com.
Forward-Looking Statements Safe Harbor
Statements made in this press release that are not historical
facts or which apply prospectively are forward-looking statements
that involve risks and uncertainties. These forward-looking
statements are identified by the use of terms and phrases such as
“will,” “intends,” “believes,” “expects,” “plans,” “anticipates”
and similar expressions. Forward looking statements contained in
this press release include, without limitation, statements
regarding the Company’s ability to continue operations during the
pendency of the bankruptcy cases and the effect of actions of the
Court on the Company’s assets and operations. Investors should not
rely on forward looking statements because they are subject to a
variety of risks and uncertainties and other factors that could
cause actual results to differ materially from the Company’s
expectation. These risks and uncertainties include the adverse
impact of the bankruptcy case on the Company’s business, financial
condition and results of operations, including its ability to
maintain contracts and other customer and supplier relationships
critical to its business and the actions of the Company’s creditors
and other third parties with interests in the bankruptcy case; the
Company’s ability to maintain adequate liquidity to fund operations
during the bankruptcy case; the Company’s ability to obtain court
approval with respect to motions in the bankruptcy case prosecuted
from time to time; the Company’s ability to develop, prosecute,
confirm and consummate a plan of reorganization with respect to the
bankruptcy case; risks associated with third parties seeking and
obtaining court approval to terminate or shorten the exclusivity
period for the Company to propose and confirm a plan of
reorganization, for the appointment of a Chapter 11 trustee or to
convert the Chapter 11 bankruptcy case into to Chapter 7 case; and
other risk factors contained in the Company’s SEC filings,
including its Annual Report on Form 10-K for the year ended
December 31, 2011 and other periodic reports subsequently filed
with the SEC. Forward-looking statements contained in this press
release speak only as of the date of this release. Subsequent
events or circumstances occurring after such date may render these
statements incomplete or out of date. The Company expressly
disclaims any obligation to update the information contained in
this release.
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