FARMINGTON HILLS, Mich.--()--Energy Conversion Devices, Inc. ("ECD"), a leader in materials science and renewable energy technologies, and its wholly-owned subsidiary United Solar Ovonic LLC ("USO"), will sell by public auction, to be authorized by the United States Bankruptcy Court, substantially all of its assets relating to its solar business. The auction will commence on June 26, 2012. Assets for sale will include machinery, equipment, intellectual property, furniture, real estate and inventory.
The auction sale process has been designed to facilitate 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 commence on Tuesday June 26, 2012 at 9:00 AM ET at USO’s Greenville, Michigan facility 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 commencing on June 27th. Only qualified and registered bidders may participate in the bidding. Qualification, registration and deposit requirements can be found at: http://www.hgpauction.com/?auctionid=193 and http://www.hilcoind.com/sales/index.asp or by contacting the auctioneers, Robert Levy at+1(248) 254-9999 or Brandon Smith +1(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: http://www.hgpauction.com/?auctionid=193, http://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 February 14, 2012. 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.