Konarka files for Chapter 7

Konarka Technologies Inc., a Lowell company developing solar panels, said it has filed for Chapter 7 bankruptcy protection.

Under Chapter 7, a company’s operations cease, and a trustee is charged with liquidating the company’s assets for the benefit of creditors.

In a statement issued Friday, Konarka chairman, president, and chief executive Howard Berke said: “Konarka has been unable to obtain additional financing, and given its current financial condition, it is unable to continue operations. This is a tragedy for Konarka’s shareholders and employees and for the development of alternative energy in the United States.”

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Berke noted that several large international companies had expressed interest in financing or acquiring the company. As a result, he said the company “had not entirely given up hope that a rescue financing or acquisition would emerge in the bankruptcy.”

Under Chapter 7 proceedings, however, any such transactions are evaluated by a trustee and not by the company itself, Konarka’s press release noted.

An attempt to reach the company was not immediately successful.

A Globe story from August 2010 noted that Konarka then employed about 100 people and had raised more than $170 million from investors as well as another $20 million in grants from government agencies such as the Department of Energy and the Pentagon.