Energy Conversion liquidation plan accepted by most voting creditors

By Caroline Salls

Pittsburgh, July 16 - Energy Conversion Devices, Inc. and United Solar Ovonic LLC's second amended joint plan of liquidation was accepted by a majority of voting creditors, according to a Monday filing with the U.S. Bankruptcy Court for the Eastern District of Michigan.

The votes by class were as follows:

• The sole holder of $5 million in Energy Conversion Devices secured claims voted to accept the plan;

• All three holders of $30,222 in Energy Conversion Devices warranty claims voted to accept the plan;

• 12 holders, or 92.31% in number, of $1.08 million, or 100% in amount, of United Solar Ovonic warranty claims voted to accept the plan, while one holder, or 7.69% in number, of $0 of those claims voted to reject it;

• 989 holders, or 99.3% in number, of $211.08 million, or 99.96% in amount, of Energy Conversion general unsecured claims voted to accept the plan, while seven holders, or 0.7% in number, of $92,333, or 0.04% in amount, of those claims voted to reject it; and

• 182 holders, or 93.33% in number, of $14.83 million, or 94.34% in amount, of United Solar Ovonic general unsecured claims voted to accept the plan, while 13 holders, or 6.67% in number, of $890,237, or 5.66% in amount, of those claims voted to reject it.

The plan confirmation hearing is scheduled for July 18.

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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