webleads-tracker

Home  >  PHOTOVOLTAICS  > Energy Conversion Devices – end of flexible PV laminates ve...
  >  PHOTOVOLTAICS
Feb 15th, 2012
 
Energy Conversion Devices – end of flexible PV laminates vendor
 
Energy Conversion Devices, Inc. (“ECD” or the “Company”) voluntarily filed a petition for relief under Chapter 11 in the U.S. Bankruptcy Court for the Eastern District of Michigan (“Court”).
Send to a friend
  • ECD filled for a bankruptcy
  • Too-costly flexible PV modules based on amorphous silicon cannot resist the increasing price pressure on the PV market

As part of its bankruptcy plan, ECD intends to sell through separate sales its wholly owned operating subsidiary United Solar Ovonic LLC (“USO”) and other assets, including its minority stake in Ovonyx, Inc. The Company has received support for its operating and divestiture plan pursuant to a formal Plan Support Agreement executed by the Company with holders of approximately 70% of the Company’s $263.2 million in outstanding 3% Convertible Senior Notes due 2013.

USO, which will continue to operate during the sale process, has also voluntarily filed a petition for relief under Chapter 11 in the U.S. Bankruptcy Court for the Eastern District of Michigan. USO is the global leader in manufacturing flexible, lightweight thin-film photovoltaic (“PV”) products for use in the commercial rooftop and building-integrated markets. USO’s Open Solar™ initiative has begun to show traction with new partnerships resulting in an integrated roofing product with Marcegaglia in Italy, and consumer products including the award-winning SolarKindle cover for the Kindle™ e-reader.

Solar Integrated Technologies, Inc. (“SIT”), a U.S.-based wholly owned subsidiary of ECD, has voluntarily filed a petition for relief under Chapter 7 in the U.S. Bankruptcy Court for the Eastern District of Michigan in a separate proceeding. SIT is an engineering, procurement and construction management company with solar installations in the U.S. and Western Europe. As a result of this filing, SIT and its European subsidiary, Solar Integrated Technologies GmbH, will continue to operate, though separately from ECD and USO, during the disposition of the SIT proceeding.


 
More PHOTOVOLTAICS news

Aug 13th
Aug 12th
Aug 9th
Aug 9th
Aug 6th
 
©2007 Yole Developpement All rights reserved                  Disclaimer | Legal notice | To advertise
Yole Développement: Le Quartz, 75 cours Emile Zola, 69100 Villeurbanne, France. TEL: (33) 472 83 01 80 FAX: (33) 472 83 01 83 E-Mail: info @yole.fr