Energy Conversion Devices To Cut 300 Jobs
AUBURN HILLS, Mich. (AP) — The solar energy product maker Energy Conversion Devices Inc. says it's cutting about 300 jobs as it cancels an auction of its solar panel unit.
The Auburn Hills-based company had planned the auction for Tuesday. It said in a statement Monday that it didn't get an acceptable qualified bid in time.
Liquidation could follow for the company and its solar panel unit. Energy Conversion Devices announced Feb. 14 that it was seeking Chapter 11 bankruptcy protection. United Solar Ovonic LLC separately filed for bankruptcy relief and makes thin-film solar products for commercial rooftops.
Energy Conversion Devices says its investment banker is continuing to work with prospective buyers, but the assets of the businesses could be sold online.