Energy Conversion Devices (ECD) has announced that the auction date for the sale of United Solar Ovonics (USO) will be put back to 10:00 a.m. (Eastern Time) on May 8, 2012. The auction was previously set for 10:00 a.m. (Eastern Time) on April 24, 2012 following the company’s entry into Chapter 11 proceedings in the Bankruptcy Court for the Eastern District of Michigan in February 2012.
ECD also sold another of its subsidiaries, Ovonic Battery Company, to BASF for US$58 million earlier this year. ECD first experienced problems in 2011 as thin-film prices dropped rapidly but it failed to reduce manufacturing costs.
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