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Jun 5th, 2012
Organic solar cell maker Konarka Technologies filed for bankruptcy
Former leader in organic solar cell development left the business.
Konarka Technologies, Inc., a leading developer of thin-film solar panels, has filed for bankruptcy protection under chapter 7 of the Federal bankruptcy laws. Under chapter 7 proceedings, the company’s operations cease and a trustee is tasked with liquidating the company’s assets for the benefit of creditors. Creditors will be asked to submit their claims to the Bankruptcy Court and are unable to obtain payment from the company.
Few years ago, this company was considered as the leader in organic thin film development.
Flexible thin-film PV module from Konarka
Konarka was founded by Mr. Berke and by Dr. Alan Heeger, the winner of the Nobel Prize for his work in conductive polymers. Among the Company’s assets are over hundreds of owned and licensed patents and patent applications in the field of solar energy and a state-of-the-art manufacturing plant in New Bedford, Massachusetts.
Mr. Berke noted that several large international companies had expressed interest in financing or acquiring the company. He further noted that, given the worldwide interest in the company, including from the Chinese government, the company 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.
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