Satcon trustee requests OK to operate business, use cash collateral

By Caroline Salls

Pittsburgh, March 26 - Satcon Technology Corp.'s Chapter 7 trustee requested court approval to operate the company on a limited basis through May 15 and use about $60 million of cash collateral to do so, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

Chapter 7 trustee Charles M. Forman said he believes the best way to maximize the value of the company's assets is to service a backlog of goods to be delivered to customers and collect accounts receivable while developing a framework to sell its assets as quickly as possible.

The cash collateral of China Great Wall Computer Shenzhen Co., Ltd. and pre-bankruptcy secured creditors' that Forman is asking to use includes $40 million of inventory at cost and $20 million of accounts receivable, the motion said.

Satcon, a Boston-based provider of utility-grade power conversion solutions for the renewable energy market, filed for bankruptcy on Oct. 17. Its Chapter 11 case number is 12-12869.

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