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Another US Solar Company Goes Under
Konarka Technologies Inc. filed to liquidate on June 1
Konarka attracted $170 million in private capital and $20 million in government research grants.
Howard Berke, chief executive officer of the company, said June 1 Konarka had been unable to obtain financing and was unable to continue operations.
The company, which said it would lay off its 85 workers, listed $100,000 to $500,000 in assets and $10 million to $50 million in debt in its Chapter 7 filing yesterday in U.S. Bankruptcy Court in Worcester, Massachusetts.
At least four other U.S. solar-panel manufacturers filed for bankruptcy in the past year as the price of the products fell 50 percent on an oversupply and expanded production in China.
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06-04-2012, 06:13 PM
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