Issue Date: May 14, 2012
ECD Shutters United Solar
Energy Conversion Devices says it will cancel a planned auction of its wholly owned subsidiary United Solar Ovonic because it received no acceptable qualified bids by the deadline. USO produces solar thin films made from amorphous silicon for use in building-integrated photovoltaics. The company says its capital structure prevented it from making the investments necessary to survive competition from lower cost producers. ECD itself filed for bankruptcy in February but had hoped to sell the solar business. Instead, USO’s assets will be liquidated and 300 employees—most of the firm’s workforce—will lose their jobs.
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