AMSC Announces Cutbacks, Filing Delay
Devens-based American Superconductor Corp. has delayed the release of its annual report and cut staff by 10 percent since March 31.
In addition to reducing staff by 10 percent, the company also has put a hiring freeze in place and reduced travel and discretionary spending.
AMSC filed with the Securities and Exchange Commission for an extension of up to 15 days for its annual report. The deadline was May 31, so it now has until June 15.
The company said it needed the extension to complete the preparation and audit of the company's financial statements for fiscal year 2010, which ended March 31.
AMSC said that it continues to negotiate with Sinovel Wind Group Co., a Chinese firm that has refused to pay for certain contracted shipments last year.
AMSC is also reviewing options to secure financing to complete its previously announced acquisition of The Switch Engineering Oy, a power technologies company headquartered in Finland. That $273-million deal was announced on March 14 and has been approved by European regulators.
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