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August 4, 2014

Solar energy company files for Chapter 7 bankruptcy

Ascendant Energy, a solar technology company based in Owls Head, has filed for Chapter 7 bankruptcy, citing $780,000 in debt and nominal assets.

The Bangor Daily News reported the company’s creditors include Maine Technology Institute, CEI, the University of Maine, Oakhurst Dairy, Jim Godbout Plumbing & Heating Inc. and G&E Roofing Co.

The filing entered in U.S. bankruptcy court Thursday shows the company has $781,957 in liabilities and $1,610 in assets with no property, the newspaper reported, noting that $327,948 is owed to the Maine Technology Institute and $231,105 is owed to CEI.

Jeffrey White, attorney for the company and its founder, CEO and owner, Chris Straka, said that there’s unlikely to be any funds distributed from the company.

In the related personal bankruptcy case, Straka and his attorney submitted Thursday a payment plan for the mortgage and a lien CEI has on the home he owns jointly with his wife.

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