Energy Conversion Devices Inc. (ENER) said it voluntarily filed a petition for relief under Chapter 11 in the U.S. Bankruptcy Court for the Eastern District of Michigan.
As part of its bankruptcy plan, the company said that it plans to sell through separate sales its wholly owned operating subsidiary United Solar Ovonic LLC or "USO" and other assets, including its minority stake in Ovonyx, Inc.
The company stated that USO has also voluntarily filed a petition for relief under Chapter 11 in the U.S. Bankruptcy Court for the Eastern District of Michigan.
The company noted that it has retained the investment banking firm Quarton Partners, LLC to manage the sale process, which is expected to be completed in 90 days.
On February 13, the company sold its majority owned subsidiary, Ovonic Battery Company Inc., to BASF Corporation for the gross purchase price of $58 million in cash before transaction fees, minority participations, and working capital and other adjustments.
Solar Integrated Technologies Inc., a U.S.-based wholly owned subsidiary of the company, has voluntarily filed a petition for relief under Chapter 7 in the U.S. Bankruptcy Court for the Eastern District of Michigan in a separate proceeding.
For the second-quarter ended December 31, 2011, the Company generated consolidated revenues of approximately $20 million and shipped approximately 11 megawatts. The company stated that the current cash is anticipated to be sufficient for expected operations during the Chapter 11 proceeding, and therefore the Company is not expected to require third-party debtor-in-possession financing.
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