United Solar Ovonic sale canceled; 300 employees to be laid off

Energy Conversion Devices, Inc. (OTC:ENERQ.PK) has announced it is cancelling the auction of the going concern sale of United Solar Ovonic scheduled for May 8, 2012. The companies are discontinuing the court-approved sale process because of the failure to receive an acceptable qualified bid by the bid deadline.

In connection with these activities, the companies will immediately begin reducing their workforce, terminating approximately 300 employees worldwide. The companies will retain a smaller workforce to support the bankruptcy process and the sale of its solar and other assets, including ECD's interest in Ovonyx, Inc. USO plans to retain a small number of employees to continue to develop its core solar technologies under government-funded contracts.

Quarton Partners, the companies' investment banker, is continuing to work with prospective buyers on alternative transactions. In addition, the companies have retained auction services provider Hilco Industrial to prepare for an orderly sale of the companies' assets.

ECD and USO voluntarily filed a petition for relief under Chapter 11 in the U.S. Bankruptcy Court for the Eastern District of Michigan on Feb. 14, 2012. United Solar Ovonic is based in Auburn Hills, Mich.

Read more personnel and staffing news

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...