Energy Conversion gets OK of bid procedures for sale of solar business

By Jim Witters

Wilmington, Del., March 15 - Energy Conversion Devices, Inc. and United Solar Ovonic LLC received approval for bid procedures for the sale of their solar business unit; for entering into a stalking horse agreement in connection with the sale; and for paying a break-up fee and expense reimbursement provision, according to documents filed Wednesday with the U.S. Bankruptcy Court for the Eastern District of Michigan.

The court approved a stalking horse agreement and a stalking horse bidder, as well as a breakup fee of 2.5% of the total cash consideration offered for the assets plus expenses up to $300,000 if the stalking horse bidder is not the winning bidder at auction.

Qualified bids are due by 5 p.m. ET on April 17. An auction, if needed, will be April 24.

The sale hearing is scheduled for noon ET on May 2.

Rochester Hills, Mich.-based Energy Conversion Devices makes thin-film flexible solar laminate products for buildings. The company filed for bankruptcy on Feb. 14 in the U.S. Bankruptcy Court for the Eastern District of Michigan under Chapter 11 case number 12-43166.

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