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PrintSpectraWatt, a spinoff of Intel, filed for bankruptcy protection last week, blaming operational problems and difficult market conditions. The company raised over $90-million in private investment and was receiving state aid in New York.
In court documents, it said that it has been trying to sell its assets, including an idled manufacturing facility in New York, but has not been able to come to an agreement with creditors.
The New York plant was closed last December; the plant was originally in Oregon but received more state money from New York.
"Due to various operational issues, disputes with vendors and others, and most recently, deteriorating market conditions in the solar cell industry, the Debtor has idled its manufacturing facility, closed its operations in Oregon, retained only a skeleton staff, and has been marketing its assets for sale," said CEO and Chief Restructuring Officer Brad Walker.
SpectraWatt wants to auction off its solar-manufacturing equipment soon because it projects that in six months the market will be flooded with used equipment as other solar companies go out of business.
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