Konarka files for bankruptcy

Share

In a statement released on June 1, the U.S. company, which produced the Power Plastic solar panel, said that under the proceedings it has ceased production and has been appointed a liquidator. "Creditors will be asked to submit their claims to the Bankruptcy Court and are unable to obtain payment from the company," read the statement.

Howard Berke, chairman, president and CEO explained, "Konarka has been unable to obtain additional financing, and given its current financial condition, it is unable to continue operations. This is a tragedy for Konarka’s shareholders and employees and for the development of alternative energy in the United States."

He added that several "large international" companies have expressed an interest in Konarka. The Chinese government has also reportedly shown interest in the company, meaning that it "had not entirely given up hope that a rescue financing or acquisition would emerge in the bankruptcy. Under Chapter 7 proceedings, however, any such transactions are evaluated by a trustee and not by the company itself."

Konarka was established in 2001. Since then, it invested of over US$170 million in private capital and $20 million in government research grants, and opened a large-scale manufacturing plant in New Bedford, Massachusetts. It has a workforce of over 80.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Popular content

SunPower stock crashes 70%

19 July 2024 The company’s share price fell below $1 as it announced it is halting some operations and ending its lease and power purchase agreement offerings, amo...

Share

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.