Issue Date: June 11, 2012
Konarka Files For Bankruptcy
Konarka Technologies has filed for Chapter 7 bankruptcy protection. The Lowell, Mass.-based firm was founded in 2001 to develop markets for its organic photovoltaic technology in architectural applications such as windows, doors, and curtain walls. Under Chapter 7 bankruptcy proceedings, a trustee will liquidate Konarka’s assets to pay creditors. “This is a tragedy for Konarka’s shareholders and employees and for the development of alternative energy in the U.S.,” Konarka CEO Howard Berke says. Last month, Auburn Hills, Mich.-based Energy Conversion Devices initiated the liquidation of its thin-film solar subsidiary United Solar Ovonic when it couldn’t find a buyer for the business.
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