Energy Conversion Devices, United Solar Ovonic Schedule Auction of Bankrupt Assets
FARMINGTON HILLS — The sale of United Solar as a going concern won’t happen.
Its parent company, Energy Conversion Devices, Monday announced that the assets related to the United Solar Ovonic LLC thin, flexible solar panel business will be sold at auction June 26.
Assets for sale will include machinery, equipment, intellectual property, furniture, real estate and inventory.
The auction sale process has been designed to encourage the sale of assets in various bulk and piecemeal configurations, and to maximize the opportunity to sell the integrated assets in bulk to permit future manufacturing of USO’s proprietary Uni-Solar brand thin-film solar laminates.
The live webcast auction sale will start at 9 a.m. Tuesday, June 26 at United Solar’s Greenville plant for the bulk lots, followed by an online auction sale for the piecemeal lots. The thousands of individual lots to be sold online will have staggered closing times starting Wednesday, June 27.
Only qualified and registered bidders may participate in the bidding. Qualification, registration and deposit requirements can be found at: www.hgpauction.com/?auctionid=193 and www.hilcoind.com/sales/index.asp or by contacting the auctioneers, Robert Levy at (248) 254-9999 or Brandon Smith (973) 265-4090.
Heritage Global Partners, Hilco Industrial, Maynard’s and Van Acker Associates will be conducting the sale. Sale details, lot configurations and terms and conditions of sale can be found on the following web sites: www.hgpauction.com/?auctionid=193, www.hilcoind.com/sales/index.asp and www.maynards.com.
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. Additional information regarding the bankruptcy proceedings is available at www.energyconversiondevices.com/restructuring.php.
Hilco Industrial provides industrial machinery, equipment and inventory on-site, online and combination Webcast auctions and negotiated sales. Maintaining offices worldwide, Hilco Industrial is a unit of Hilco Trading, LLC, an international leader in asset valuation and disposition services.
Heritage Global Partners, a Counsel RB Capital company (OTCQB: CRBN), is a leading asset advisory and auction services firm, assisting large and small companies in asset brokerage, inspection, valuations, industrial equipment, real estate and enterprise auctions.