Bankrupt energy firm Beacon Power to sell assets
Saturday, November 19, 2011
WILMINGTON, Del. (AP) — A Massachusetts company that received a $39 million Department of Energy loan before declaring bankruptcy has decided to sell its assets rather than reorganize.
An attorney for Beacon Power told a Delaware judge Friday that the company hopes to complete the sale by late January.
Attorneys also told the judge that they had resolved the DOE’s objections to Beacon’s request to use cash collateral on the DOE loan to fund operations during the bankruptcy.
Beacon, based in Tyngsboro, Mass., makes flywheel energy storage systems that keep power frequency steady on electrical grids.
The company has blamed its bankruptcy filing on the political fallout from the failure of Solyndra Inc., a California solar energy company that sought bankruptcy protection in Delaware after receiving a half-billion-dollar loan from the Obama administration.
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