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Thin-Film Solar Panel Maker Konarka Files for Bankruptcy

Submitted on 06/04/12, 06:46 AM | Click Here for the full article: Bloomberg BusinessWeek

Thin-Film Solar Panel Maker Konarka Files for Bankruptcy

Konarka Technologies Inc., the thin-film solar panel manufacturer backed by Chevron Corp. (CVX) (CVX), Draper Fisher Jurvetson and New Enterprise Associates Inc., filed for bankruptcy in Massachusetts.

“Konarka has been unable to obtain additional financing, and given its current financial condition, it is unable to continue operations,” Howard Berke, chief executive officer of the Lowell, Massachusetts-based company, said yesterday in a statement.

Konarka 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. Konarka NB Holdings LLC, in a separate filing, listed $1 million to $10 million in assets and as much as $50,000 in debt.

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