Authors: Kelly Knaub
(NEW YORK) -- Konarka Technologies Inc., a solar energy company based in Massachusetts, has filed for bankruptcy, Bloomberg News reports.
In its Chapter 7 filing on Friday in U.S. Bankruptcy Court in Worcester, Massachusetts, the thin-film solar panel manufacturer listed $100,000 to $500,000 in assets and $10 million to $50 million in debt. In a separate filing, Konarka NB Holdings LLC listed $50,000 in debt and $1 million to $10 million in assets, according to Bloomberg.
Four other U.S. solar panel manufacturers filed for bankruptcy in the past year as oversupply and an increase in production in China caused the price of the panels to fally by 50 percent, the news agency says.
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