You can now read 5 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

Around the Region

Konarka seeks Chapter 7 protection

Konarka Technologies Inc., a Lowell company developing solar panels, said it has filed for Chapter 7 bankruptcy protection.

Under Chapter 7, a company’s operations cease, and a trustee is charged with liquidating the company’s assets for the benefit of creditors.

Continue reading below

In a statement Friday, Konarka chief executive Howard Berke said: “Konarka has been unable to obtain additional financing, and given its current financial condition, it is unable to continue operations. This is a tragedy for Konarka’s shareholders and employees and for the development of alternative energy in the United States.”

Berke noted that several large international companies had expressed interest in financing or acquiring the company. As a result, he said the company “had not entirely given up hope that a rescue financing or acquisition would emerge in the bankruptcy.”

Under Chapter 7 proceedings, however, any such transactions are evaluated by a trustee and not by the company itself, Konarka’s press release noted.

An attempt to reach the company was not immediately successful.

A Globe story from August 2010 noted that Konarka then employed about 100 people and had raised more than $170 million from investors as well as another $20 million in grants from government agencies such as the Department of Energy and the Pentagon.

Chris Reidy can be reached at reidy@globe.com.
Loading comments...
Subscriber Log In

You have reached the limit of 5 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com
Already a subscriber?
Your city. Your stories. Your Globe.
Yours FREE for two weeks.
Enjoy free unlimited access to Globe.com for the next two weeks.
Limited time only - No credit card required!
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.
Thanks & Welcome to Globe.com
You now have unlimited access for the next two weeks.
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.