Solar Co. Energy Conversion Devices Files For Ch. 11

Law360, New York (February 14, 2012, 1:22 PM EST) -- Renewable-energy trailblazer Energy Conversion Devices Inc. filed for bankruptcy in Michigan on Tuesday, intending to find a new owner for subsidiary United Solar Ovonic LLC that would allow the solar energy technology business to continue to operate.

Facing $263.2 million in outstanding 3 percent convertible senior notes that will come due in 2013, Auburn Hills, Mich.-based Energy Conversion said its voluntary Chapter 11 filing offered the best chance for United Solar to move forward as a going concern.

Energy Conversion said it believed strongly in United...
To view the full article, register now.