Energy Conversion Devices bid procedures approved; auction June 26

By Jim Witters

Wilmington, Del., June 21 - Energy Conversion Devices, Inc. and United Solar Ovonic LLC won approval of bid procedures for the sale of substantially all of the machinery and equipment at their remaining facilities, according to documents filed June 21 with the U.S. Bankruptcy Court for the Eastern District of Michigan.

"The debtors initiated these Chapter 11 cases to maximize value for its creditors by attracting new capital through a sale of the debtors' solar business. However, such going concern sale has been discontinued and the debtors are now liquidating their assets," court documents state.

The assets include the machinery and equipment at 3800 Lapeer Road, Auburn Hills, Mich.; 10 Clark Road, Battle Creek, Mich.; 1 and 2 Solar Parkway, Greenville, Mich.; Calle Veccinal 8755 Colonia El Tecolote, Tijuana, Mexico; and 1100 and 1104 Maple Road, Troy, Mich.

Bid procedures

The approved procedures provide that:

• All bids at the auction must be non-conditional cash bids;

• The auction will begin with bidding on bulk lots and, upon completion of the bulk lot bidding, will involve piecemeal bidding on the individual assets;

• The auction will begin on June 26 and end on June 29, with winning bidders to be selected no later than July 2;

• The auction at the Mexican facility will be subject to the bulk lot bidding and will begin on June 26 and end on June 27, with winning bidders to be selected no later than July 2;

• Bidders on bulk lots must submit a cash deposit of 10% of the bidder's anticipated maximum bid (but not less than $250,000); and

• The winner of the bulk lot bidding will be required to increase the deposit to 20% of apparent winning bid within 24 hours of the completion of the bidding.

Rochester Hills, Mich.-based Energy Conversion Devices makes thin-film flexible solar laminate products for buildings. The company filed for bankruptcy on Feb. 14 under Chapter 11 case number 12-43166.

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