Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

GT Advanced Technologies Sale Approval Sought

0
0

According to the U.S. Bankruptcy Court docket, GT Advanced Technologies (GTAT) filed with the U.S. Bankruptcy Court an emergency motion for an order approving the sale of assets related to its Merlin business free and clear of all liens, claims, encumbrances and interests to buyer Merlin Solar Technologies.

The motion explains, “As has been previously reported in these cases, one of the Debtors’ business lines involves the development of a solar technology called the Merlin business. Merlin is an innovative solar cell metallization and inter-connect technology that reduces costs across the entire value chain of traditional solar modules. The Merlin business is currently conducted out of a leased facility in San Jose, California, and consists primarily of intellectual property rights, certain fixed assets, and inventory. After evaluating the risk and cost of further capital investment in the Merlin business, and in the exercise of its business judgment, GTAT determined that it would be in the best interests of the chapter 11 estates and their stakeholders to conduct a sale process for the Merlin business….Accordingly, GTAT requests Court approval of the sale of the Purchased Assets to Buyer for a cash purchase price of $3.6 million.”

The motion continues, “Buyer has agreed to make offers of employment to thirty-three of the employees currently working in the Merlin business, thus preserving jobs and minimizing potential employee claims. Buyer has also agreed to assume certain liabilities related to the Purchased Assets, including cure costs under the contracts to be assigned to Buyer, subject to a cap of $300,000 on assumed current liabilities and a cap of $800,000 on amounts owed under contract assigned to the Buyer.”

The Debtors have requested an expedited hearing on the sale motion to be held on March 3, 2016. Read more GTAT bankruptcy news.

The post GT Advanced Technologies Sale Approval Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images