Satcon trustee seeks closure of Chapter 7 bankruptcy case

By Sarah Lizee

Olympia, Wash., May 3 – Satcon Technology Corp. Chapter 7 trustee Charles M. Forman has asked the U.S. Bankruptcy Court for the District of Delaware to close the company’s Chapter 7 bankruptcy case.

Forman submitted a final account and said the case has been fully administered.

He listed $10.35 million in total disbursements, with $3.41 million paid for secured claims, $6.86 million paid for Chapter 7 administrative fees and charges, $78,155 paid for prior Chapter 11 administrative fees and charges, and nothing paid out to priority unsecured claims or general unsecured claims, which had been allowed in the amounts of $8.63 million and $86.96 million, respectively.

Satcon, a Boston-based provider of utility-grade power conversion solutions for the renewable energy market, filed for bankruptcy on Oct. 17, 2012. The case was converted to Chapter 7 on Feb. 7, 2013. The case number is 12-12869.

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