Energy Conversion Calls Off Ch. 11 Auction For Lack of Bids

Law360, New York (May 7, 2012, 9:45 PM EDT) -- Bankrupt Michigan renewable energy company Energy Conversion Devices Inc. on Monday canceled an auction of its United Solar Ovonic LLC division that was set for Tuesday, saying it hadn't received an acceptable bid for the solar technology company.

The company's investment bank Quarton Partners LLC is still working on potential alternative transactions, but Energy Conversion and Uni-Solar will begin terminating about 300 employees worldwide, the company said in a statement. It also said it had retained Hilco Industrial LLC, an auction provider, to help sell off...
To view the full article, register now.