Distributed Energy Systems (DESC) Files Chapter 11
Distributed Energy Systems Corp. (Nasdaq: DESC) announced that the corporation and its wholly-owned subsidiary, Northern Power Systems, Inc., have filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code.
The company determined today's voluntary filings were necessary to complete going-concern sales of the Northern Power unit and another wholly-owned subsidiary, Proton Energy Systems, Inc., and was the best course of action to maximize the value of the company's assets for all stakeholders including its 175 employees.
The company determined today's voluntary filings were necessary to complete going-concern sales of the Northern Power unit and another wholly-owned subsidiary, Proton Energy Systems, Inc., and was the best course of action to maximize the value of the company's assets for all stakeholders including its 175 employees.
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