SpectraWatt will auction off its 140,000 square-foot crystalline silicon cell manufacturing and research facility in Hudson Valley at the end of the month. In August the cell manufacturer filed for Chapter 11 bankruptcy and the bulk and piecemeal auction, to be carried out by Heritage Global Partners, Counsel RB Capital and Silicon Valley Disposition, marks the first stage of financial restructuring.
Following the approval of Debtor’s Motion to engage Heritage Global Partners, which is currently pending in the United States Bankruptcy Court for the Southern District of New York, the auction will be held between 10am and 5pm EDT on Wednesday, September 28 via a live global webcast from the Hudson Valley Research Park in Hopewell Junction, New York.
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The premises and equipment to be auctioned will be open for inspection by potential buyers between 9am and 4pm on September 26 and 27, or by appointment. In the event that a bulk sale of SpectraWatt is agreed, the successful bidder has the option to take on the facility’s existing lease and continue operations.
“There is immediate expansion potential at this facility for any company who is at the ready to come in and capitalise this state-of-the art facility and its existing equipment and inventory,” Heritage Global Partners vice president Bruce Costello said.