ECD, United Solar Ovonic Auctioning Off Assets

Posted by SI Staff on June 18, 2012 No Comments
Categories : New & Noteworthy

Energy Conversion Devices Inc. (ECD) and its wholly owned subsidiary United Solar Ovonic LLC (USO) plan to sell, by public auction, substantially all of USO's assets relating to its solar business. The auction will commence on June 26.

Assets for sale will include machinery, equipment, intellectual property, furniture, real estate and inventory. The auction sale process has been designed to facilitate the sale of assets in various bulk and piecemeal configurations, and to maximize the opportunity to sell the integrated assets in bulk to permit future manufacturing of USO's proprietary Uni-Solar brand thin-film solar laminates, the company says.

Heritage Global Partners, Hilco Industrial, Maynard's and Van Acker Associates will be conducting the sale. Qualification, registration and deposit requirements are available here.

ECD and USO voluntarily filed a petition for relief under Chapter 11 in the U.S. Bankruptcy Court for the Eastern District of Michigan in February.

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