The Pennsylvania Department of Community and Economic Development intends to try to recover money Aquion Energy Inc. owes it, the Pittsburgh Tribune-Review reported on Saturday. Aquion, a once-promising Pittsburgh battery company with a manufacturing facility in Westmoreland County, Pa., filed for bankruptcy last week and lists the state as its top creditor. “DCED is prepared to take whatever steps are necessary and legal under the Bankruptcy Code to recover our loans,” spokeswoman Heidi Havens said. “Upon notification that the bankruptcy petition was filed, DCED commenced a comprehensive review of the project to include an evaluation of collateral.” The loans were secured by collateral, but Havens would not say what that collateral was. Aquion was current on all of its loan payments and made payments as recently as last week. Havens would not say how much was still owed. Aquion announced March 8 it had filed for Chapter 11 bankruptcy after it failed to raise enough money to keep it running.
