Meyer Burger US Unit Nets Approval for Bankruptcy Wind-Down Plan

Meyer Burger Technology AG’s US subsidiary secured bankruptcy court approval of a wind-down plan under which the solar panel manufacturer will monetize its remaining assets and distribute proceeds to creditors through a trust.

Judge Craig T. Goldblatt of the US Bankruptcy Court for the District of Delaware signed off on the plan following a Tuesday hearing.

“No one is delighted with the resolution,” Goldblatt said on Tuesday. “But this happens in this business.”

The plan implements a global settlement with a committee representing unsecured creditors, secured lenders, and laid-off employees with claims under the Worker Adjustment and Retraining Notification Act. ...