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May 23, 2013

United Solar Ovonics Assets to be Sold Piecemeal

When Energy Conversion Devices, Inc. filed for bankruptcy in February, the announced intention was to sell intact its subsidiary United Solar Ovonic LLC. When the only bid for the flexible thin film solar module company was $2.4 Million (and the strong suggestion that the bidder had no interest in continuing to operate the company), the auction date was extended. Then on May 7 it was announced that the auction process was being terminated and preparations were begun for a liquidation of the companies’ assets. Ironically, in mid-April it was announced that the United Solar product outperformed its competition in a University of Notre Dame demonstration installation.

© 2013 Varnum LLP

About the Author

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Bruce Goodman practices environmental law, energy law and construction law. His environmental expertise includes air quality permitting work, compliance counseling on air emissions, state and federal enforcement defense issues, and environmental management program development. His energy expertise includes negotiating numerous electric power sales agreements, both for wholesale sellers of energy and for retail consumers of energy, state rate cases, developing municipal energy tariffs, and energy project permitting....

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