BOSTON–(BUSINESS WIRE)–Oct. 17, 2012– Satcon Technology Corporation® (NASDAQ CM:SATC), a leading provider of utility scale power conversion solutions for the renewable energy market, today announced that the Company and its subsidiaries have filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code. The petitions were filed in the U.S. Bankruptcy Court for the District of Delaware. Steve Rhoades, Satcon’s President and Chief Executive Officer, said “This has been a difficult time for Satcon. After careful consideration of available alternatives, the Company’s Board of Directors determined that the Chapter 11 filings were a necessary and prudent step, allowing the Company to continue to operate while giving us the opportunity to reorganize with a stronger balance sheet and capital structure. Our goal is for Satcon to emerge from bankruptcy reorganization and continue to provide our customers with the quality products that they need.” 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, Epiq Bankruptcy Solutions, LLC, at http://dm.epiq11.com/satcon. About Satcon Satcon Technology Corporation is a leading provider of utility-grade power conversion solutions for the renewable energy market, enabling the industry’s most advanced, reliable and proven clean energy alternatives. For more than ten years, Satcon has designed and delivered advanced power conversion products that enable large-scale producers of renewable energy to convert the clean energy they produce into grid-connected efficient and reliable power. To learn more about Satcon, please visit www.Satcon.com. 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 SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2011 and other periodic reports subsequently filed with the SEC. Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The Company expressly disclaims any obligation to update the information contained in this release. Source: Satcon Technology Corporation Satcon Technology Corporation Aaron Gomolak, 617-910-5500 Aaron.Gomolak@satcon.com
Source: solarplaza.com
Video: Bankruptcy Solutions
GTA Credit Solutions Services Ltd. Files for Bankruptcy Protection
On September 20, 2012 GTA Credit filed a Proposal to Creditors. They disclosed $364,263 in unsecured debts consisting of $24,490 preferred claims (which must be paid in full before any other creditors receive payment) and $340,263 of other unsecured debt. The proposal offers to pay a total of $42,000 towards this debt, after paying the fees of their trustee. By our calculations, that means the unsecured creditors will be sharing about $7,000 after the fees and preferred claims have been dealt with.
Source: bankruptcy-toronto.ca
Are You Looking For Alternative Solutions to Bankruptcy?
Under a loan modification, the mortgage terms are altered to benefit the homeowner. There are several ways to accomplish this, like lowering the interest rate or capping monthly payments at a certain percentage of a family’s income. If a homeowner is behind on payments, the amount or the “arrearage” may be forbeared or put built into the modified loan. In some cases, the arrearage may even be waived. In cases of unemployment, families may also have the option of receiving a forbearance on several payments, which will be added on at the end of the loan term. A homeowners options will depend on who is the “Investor” on the loan. The Investor will be a Government Supported Agency or “GSE” ( i.e Fannie Mae ) , a Portfolio Investor ( the servicer like Bank of America for instance is also the owner and holder of the mortgage ), or a Private Investor , which means the paper is most likely held by a trust that issued bonds or a “CMO”.
Source: bankruptcyforeclosureattorneycolumbusoh.com
Right after Extremely Times Some sort of Bankruptcy Car Loan Will be Your own Greatest Ally
Bankruptcy could be emotionally tough through anyone. All the dealership should certainly treat we would compassion along with comprehension. These individuals keyword1 should probably appear eager woman willing to assist you women exactly like they might assist someone on a best credit score. Selecting a wonderful financing dealership which treats we together with dignity would assist provide we peace with brain which these people would obtain we leading package achievable.
Source: scrou.net
Leading Dayton Legal Firm Ensure “Fresh Financial Start” with Credible Bankruptcy Solution by Altick And Corwin, Co., L.p.a.
(1888PressRelease) August 17, 2012 – Dayton, OH – The Ohio residents plagued with their bankruptcy issues have the best solution at hand – Altick & Corwin Co., LPA, the leading Dayton based legal firm has declared of a high-quality legal counsel for all bankruptcy troubles. The Dayton firm is serving extensively in almost all the Ohio counties & Miami Valley as well. Altick & Corwin declared themselves as a debt-relief agency which would assist people filing for bankruptcy relief according to Bankruptcy Code. “Bankruptcy is one of our major practice areas and we promise you to present with a ‘fresh financial start’ with credible bankruptcy solutions. Our Dayton bankruptcy attorney is always compassionate towards our bankruptcy customers – we can fathom your financial distress and hence our lawyers always strive to assure that you can proceed further with confidence and in comfort with the financial status”, remarked a spokesperson from the Dayton bankruptcy law firm. The spokesperson informed our sources that they are backed by a highly seasoned Dayton bankruptcy lawyer, David Larson. According to his statement, Altick & Corwin would help the clients to get relief from continuous collection calls & provide with the most effective remedies for the dischargeable debt. “We will even stop foreclosure on our client’s house. Our esteemed bankruptcy attorney has helped married couples, individuals & small enterprises in reorganizing and reducing their debt burdens”, the spokesperson continued. Mr. Larson has come up with grand professional legal experience in both private and public sectors and has been with the Dayton firm since 1998. Over the years he has worked for many distinguished clientele including Inkjet Solutions Div. from Eastman Kodak, James Leffel and Company from Springfield and more. Altick & Corwin announced to offer with extensive bankruptcy solutions covering a wide range of areas like: – Bankruptcy chapter 7 – Bankruptcy chapter 13 – Debt Adjustments – Liquidation – Unsecured & Secured debt – Garnishments – Payment plans “We will provide you with all the right tools and information you require to proceed forward, leaving behind the unfortunate history of debt and bad credit”, shared one of the managers from the Dayton law firm. For a bankruptcy consultation with Altick & Corwin, log on to http://www.altickcorwin.com/. ###
Source: 1888pressrelease.com
Cash strategy Before and After Submitting Bankruptcy
When it occurs down to it no one really wants to live on a budget. The first thing a a bankruptcy proceeding attorney will notify someone that arrives into their office as well as is on the filing personal bankruptcy but trying to prevent it, try living on a finances for a year and see if you can stay clear of bankruptcy altogether. Above the last 20 years Americans have learned to live way beyond their signifies using credit as a approach of firing up the publishing press when they obtain short on cash. Prior to filing bankruptcy, everybody should take a tough look at their wasting habits and eliminate everything that is not completely necessary.
Source: immfinancial.com
An Energy Solution with True Bipartisan Support?
The bill introduced by Sens. Kent Conrad (D-ND), Mike Enzi (R-WY), and Jay Rockefeller (D-WV) proposes needed administrative modifications — with no fiscal cost — to the existing Section 45Q Tax Credit for Carbon Dioxide Sequestration. The bill adopts consensus recommendations of the National Enhanced Oil Recovery Initiative (NEORI), a broad coalition pulled together by C2ES and the Great Plains Institute. NEORI includes companies, environmental advocates, labor, and state officials looking to advance enhanced oil recovery using carbon dioxide captured from power plant and industrial sources.
Source: theenergycollective.com