Energy Conversion expects liquidation plan to take effect on Aug. 14

By Caroline Salls

Pittsburgh, July 31 - Energy Conversion Devices, Inc. and wholly owned subsidiary United Solar Ovonic LLC's second amended joint plan of liquidation is expected to take effect on Aug. 14, according to a company news release.

The plan was confirmed on July 30 by the U.S. Bankruptcy Court for the Eastern District of Michigan.

Energy Conversion said the confirmation order is expected to become final on Aug. 14 if there are no appeals before that time.

According to the release, Energy Conversion and United Solar have completed sales of substantially all of their machinery, equipment and inventory and are in the process of conducting sales of their intellectual property, real estate holdings, interest in Ovonyx, Inc. and other miscellaneous assets.

Under the plan, a liquidation trust will complete the liquidation, wind-up the companies' affairs and distribute the cash to creditors of each company.

The plan also establishes a warranty trust to settle warranty claims.

All equity interests in Energy Conversion Devices will be cancelled on the plan effective date.

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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