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| Satcon Technology Corporation Announces Chapter 11 Bankruptcy Filing |
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,
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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 Source:
Satcon Technology Corporation |