Federal lawmakers have long fought the keep Hickey Freeman from going under; most recently, an August rally involving Congresswoman Louise Slaughter. The union says it will fight any potential sale to a company that would want to shut down the troubled factory.
Source: ynn.com
Video: Chapter 11: Bankruptcy Restructuring
Satcon Technology Corporation Announces Chapter 11 Bankruptcy Filing
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
Hart Schaffner Marx owner files for Chapter 11
Authentic Brands Group LLC, a licensing company affiliated with private equity firm Leonard Green & Partners, has agreed to submit an initial bid for the company, known as a “stalking-horse bid,” in a court-supervised auction of the business.
Source: seattletimes.com
Satcon files for Chapter 11 bankruptcy protection
Last year, Solyndra LLC drew national attention after it filed for bankruptcy protection, leaving taxpayers on the hook for $528 million in federal loans. Evergreen Solar, which also received millions in state aid, and Abound Solar have also filed for bankruptcy protection over the past two years.
Source: seattlepi.com
Green Car Congress: Satcon Technology files for Chapter 11 bankruptcy
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.
Source: greencarcongress.com
The Daily Docket: Battery Maker A123 Enters Chapter 11 Bankruptcy
From Dow Jones Daily Bankruptcy Review, exclusive coverage of corporate bankruptcies, companies headed for trouble and the latest trends in bankruptcy law, distressed investing and corporate restructuring. Lead writer Marie Beaudette and Daily Bankruptcy Review reporters in Washington, New York and Wilmington, Del., provide insight into the big cases, who’s next to fall and what’s making news across the bankruptcy market.
Source: wsj.com
Tully's Coffee files for Chapter 11 bankruptcy protection
Tully’s plans to close nine stores this Sunday, including four in Seattle and one in Tacoma. That will bring the number of Tully’s-owned coffee shops down to 48. About 70 more Tully’s stores are run by franchisees and licensed partners. Those stores are not part of the bankruptcy.
Source: kplu.org
Hotel Whose Chapter 11 Case Was Filed in Bad Faith Can “Stay” in Bankruptcy – Part II
(A) substantial or continuing loss to or diminution of the estate and the absence of a reasonable likelihood of rehabilitation; (B) gross mismanagement of the estate; (C) failure to maintain appropriate insurance that poses a risk to the estate or to the public; (D) unauthorized use of cash collateral substantially harmful to 1 or more creditors; (E) failure to comply with an order of the court; (F) unexcused failure to satisfy timely any filing or reporting requirement established by this title or by any rule applicable to a case under this chapter; (G) failure to attend the meeting of creditors convened under section 341(a) or an examination ordered under rule 2004 of the Federal Rules of Bankruptcy Procedure without good cause shown by the debtor; (H) failure timely to provide information or attend meetings reasonably requested by the United States trustee (or the bankruptcy administrator, if any); (I) failure timely to pay taxes owed after the date of the order for relief or to file tax returns due after the date of the order for relief; (J) failure to file a disclosure statement, or to file or confirm a plan, within the time fixed by this title or by order of the court; (K) failure to pay any fees or charges required under chapter 123 of title 28; (L) revocation of an order of confirmation under section 1144; (M) inability to effectuate substantial consummation of a confirmed plan; (N) material default by the debtor with respect to a confirmed plan; (O) termination of a confirmed plan by reason of the occurrence of a condition specified in the plan; and (P) failure of the debtor to pay any domestic support obligation that first becomes payable after the date of the filing of the petition.
Source: weil.com
FastShip Files for Chapter 11 Bankruptcy
In addition, the filing listed $30 million in debts to lenders secured by the company’s “intellectual property.” That total included $3.5 million owed the Delaware River Port Authority, which also invested $7 million in FastShip’s preferred equity.
Source: joc.com