Energy Conversion Devices Inc. filed for Chapter 11 protection Feb. 14 in the U.S. Bankruptcy Court for the Eastern District of Michigan (In re Energy Conversion Devices Inc., E.D. Mich., Case No. 12-43116 (TJT)
The Auburn Hills, Mich.-based company is a “pioneer in materials science and renewable energy technologies,” according to a Feb. 14 press release issued by the debtor. The debtor was operating at unsustainable levels, which resulted in substantial losses and a continual decline in cash balances.
Sales of Subsidiaries.
On Feb. 13, the debtor sold its majority owned subsidiary, Ovonic Battery Company Inc., to BASF ...
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