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The Boston Globe

Business

Satcon files for Chapter 11 bankruptcy protection

Satcon Technology Corp. on Wednesday filed for Chapter 11 bankruptcy protection following years of financial struggles and a severe downturn in the solar power industry.

Steve Rhoades, Satcon’s chief executive, said that after considering its alternatives, the company’s board decided that the Chapter 11 filings were a ‘‘necessary and prudent step’’ that would allow the company to continue to operate while it reorganizes.

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