Energy Conversion Devices Files for Ch. 11 Bankruptcy

February 15, 2012 – 7:50 am

Energy Conversion Devices, Inc. (Nasdaq: ENER), has voluntarily filed a petition for relief under Chapter 11 in the U.S. Bankruptcy Court for the Eastern District of Michigan. As part of its bankruptcy plan, ECD intends to sell through separate sales its wholly owned operating subsidiary United Solar Ovonic LLC (“USO”) and other assets, including its minority stake in Ovonyx, Inc. The Company has received support for its operating and divestiture plan pursuant to a formal Plan Support Agreement executed by the Company with holders of approximately 70% of the Company’s $263.2 million in outstanding 3% Convertible Senior Notes due 2013.

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