The large-scale photovoltaic inverter manufacturer filed for voluntary bankruptcy on October 17, along with its six subsidiaries. Its aim is to reorganize its structure, and improve both its balance sheet and capital structure.
To keep business operations running, Satcon also filed a number of first day motions with the court. It has now received approval to honor product warranty programs for existing customers, and to extend warranties to future customers.
"These key programs enable Satcon to continue to provide the critical post sale service and support as part of their ongoing day to day operations and future sales development efforts during their pending chapter 11 cases," said the company in a statement.
Furthermore, Satcon has announced the establishment of Intellectual Property (IP) Escrow account, which will contain the companys core technical drawings, source code and supplier information.