Energy Conversion Devices Inc., a lightweight solar product maker, filed for bankruptcy Tuesday. The company, which makes solar products for rooftops and buildings as well as some consumer products, will sell its United Solar Ovonic unit and other assets. Reuters reports:
The company's failure is the fourth major bankruptcy for the industry in the past year. Evergreen Solar Inc, Solyndra and SpectraWatt have also sought Chapter 11 protection.
Energy Conversion struggled to keep costs down as prices on solar panels fell, due in part to Italian and German government subsidies. The company temporarily suspended manufacturing of its lightweight solar products last fall and said it would cut 500 jobs. Its bondholders hired advisers last fall as problems for the company worsened.
Energy Conversion filed for bankruptcy in Michigan where it is based, saying that holders of about 70 percent of its $263.2 million in 3 percent convertible senior notes due 2013 supported its proposed operating and sales plan.