Boston-headquartered Satcon Technology Corp., a provider of utility-scale power conversion products for the renewable energy market, plans to begin liquidation.
The company, which filed for Chapter 11 bankruptcy last October, was unable to find a buyer by its deadline last week, according to court documents cited by Thomson Reuters. Consequently, the bankruptcy will be converted to a Chapter 7 liquidation, and Satcon's assets are expected to be sold piecemeal by a court-appointed trustee.
Satcon has not yet released any official statements on the matter. Last October, the company assured customers it had received court approval to continue supporting its warranties, but further availability of that service is now uncertain.