Reuters: Bankruptcy News: Court confirms Energy Conversion's liquidation plan

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Court confirms Energy Conversion's liquidation plan Jul 31st 2012, 23:22 July 31 | Tue Jul 31, 2012 7:22pm EDT July 31 (Reuters) - Bankrupt Energy Conversion Devices Inc and its wholly owned unit United Solar Ovonic LLC have received a court's confirmation for their joint liquidation plan. According to the plan, a trust will complete the liquidation of Energy Conversion and its unit's assets and distribute the cash to creditors of each company on a consolidated basis. Warranty claims will be settled by a warranty trust, which along with the liquidation trust will be managed by a committee of selected creditors. The confirmation order is expected to become final on Aug. 14, assuming there are no appeals before that time. The liquidation plan, which was confirmed by the court on July 30, has been supported by all classes of voting creditors, Energy Conversion said in a statement. Energy Conversion, which makes lightweight solar products, had filed for bankruptcy protection in February this year, in the United States Bankruptcy Court for the Eastern District of Michigan, after months of discussions with bondholders.

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