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Corporate Restructuring :
Active Cases
: Energy Conversion Devices, Inc. (Creditors' Committee)
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Energy Conversion Devices, Inc. (Creditors' Committee)
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In re Energy Conversion Devices, Inc. (Creditors' Committee), Case No. 12-43166 (TJT) Jointly Administered
United States Bankruptcy Court, Eastern District of Michigan |
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General Information:
On February 14, 2012, Energy Conversion Devices, Inc. and United Solar Ovonic LLC (the "Debtors") filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. The cases are jointly administered under Case No. 12-43166 (collectively, the "Bankruptcy Cases") before the Honorable Thomas J. Tucker in the United States Bankruptcy Court for the Eastern District of Michigan, Detroit Division.
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Information Regarding the Debtors' Plan: (From Page 1, Disclosure Statement for Second Amended Joint Plan of Liquidation, Dkt. No. 611) - The Plan is proposed jointly by the Debtors but constitutes a separate Plan for each Debtor. Each voting Class of Creditors as to each Debtor will vote in favor or against the respective Plan. If each Debtor confirms its respective Plan, the separate estates will be substantively consolidated for purposes of distributions under the Plan. Except as expressly specified in the Plan, the classifications of claims and equity interests shall be deemed to apply separately with respect to each Plan proposed by each Debtor.
The Plan provides that the separate estates will be substantively consolidated, but the separate estates of the Debtors have not yet been consolidated, substantively or otherwise. For purposes of voting in favor or against the Plan, claims and equity interests against one Debtor will be deemed to have voted for or against the respective Debtor’s Plan for which the claim relates, and claims of creditors that hold claims against both Debtors will be treated as separate claims with respect to each Debtor’s estate for voting purposes.
The Plan is a liquidating plan. The Debtors are in the process of selling their assets and the Debtors or the Liquidation Trustee will continue to sell any remaining assets with Court approval or pursuant to the terms of the Plan and the Liquidation Trust Agreement until all assets are fully liquidated or abandoned. The Plan provides for initial distributions described herein, followed by the funding of a Warranty Trust, and the vesting of all remaining assets of the Debtors in the Liquidation Trust. The Liquidation Trustee will liquidate or abandon all of the
remaining assets and distribute the proceeds from such liquidation. The distributions of the proceeds of the sales shall be made to the holders of Allowed Claims in order of the priorities set forth in the Plan.
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Committee’s Recommendation Regarding Plan Vote: The Official Committee of Unsecured Creditors, in conjunction with its two Sub-Committees comprised of ECD and USO creditors respectively issue a recommendation on Plan voting that is available here.
The Debtors’ Disclosure Statement contains a Liquidation Analysis (page 277 of the PDF here) which shows the difference between the recoveries to creditors in a substantively consolidated scenario, as the Plan provides, and a separation liquidation of each estate. The Committee’s recommendations regarding whether to vote for substantive consolidation by voting in favor of the Plan contained in the forthcoming letter will be based on an analysis of certain factors which are listed in the Liquidation Analysis, but about which further information is now known. These factors will include the amount of warranty claims filed now that the Bar Date for claims has passed. The initial filings show approximately $209 million of warranty claims filed, though that number is preliminary and will likely be reduced significantly after a more complete review of the claims. The analysis will also include a review of filed take-or-pay contract claims, which are approximately $34 million, though that number is also subject to change after more complete review. The Committee will also consider the asset value achieved during the sale of the Debtors’ solar assets, which is currently being conducted. As of June 29, 2012, the bulk bidding portion of the auction is complete and there were no bids on the entire business, though there were bulk bids on several smaller lots. The auction is expected to conclude on or around June 28, 2012, and final results will be available on or after July 2, 2012.
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Important Dates, Deadlines & Documents: Some dates, deadlines and documents in the Debtors' Bankruptcy Cases that may be relevant to interested parties are set forth below: |
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| Bankruptcy Petition Date |
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February 12, 2012 |
| General Deadline to File Proofs of Claim |
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June 21, 2012
(5:00 p.m. ET) |
| Voting Deadline - Second Amended Joint Plan |
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July 13, 2012
(4:30 p.m. ET) |
| Confirmation Hearing - Second Amended Joint Plan |
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July 18, 2012
(12:00 p.m. ET) |
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Parties and Addresses: |
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ECD Claims Processing Center
c/o Kurtzman Carson Consultants LLC
2335 Alaska Avenue
El Segundo, CA 90245
T: 888-249-2695
Please file proof(s) of claim, if any, via US Mail or other hand delivery system. Facsimile and other electronic delivery methods are not acceptable. You must file an originally executed proof of claim. If you would like a copy of your claim returned to you as proof of receipt, please enclose an additional copy and a self-addressed postage-paid envelope.
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Counsel to Official Committee of Unsecured Creditors
Judy A. O'Neill, Esq.
John A. Simon, Esq.
Tamar N. Dolcourt, Esq.
Foley & Lardner LLP
500 Woodware Avenue
Suite 2700
Detroit, MI 48226
T: 313-234-7100
http://www.foley.com/ |
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Note:
KCC maintains this website at the direction of Foley & Lardner LLP, counsel to the Official Committee of Unsecured Creditors. KCC maintains this website for the public's convenience and, while KCC makes every attempt to assure the accuracy of the information contained herein, this website is not the website of the United States Bankruptcy Court and does not contain the complete, official record of the Bankruptcy Court. All documents filed with the Court are available for inspection at the Clerk of the Bankruptcy Court for the Eastern District of Michigan.
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