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The economic downturn has done considerable damage to the solar sector. Energy Conversion Devices Inc. announced Tuesday that it is seeking Chapter 11 bankruptcy protection in federal court in the Eastern District of Michigan. The company said it will put its solar panel unit up for sale as well. Energy Conversion's United Solar Ovonic, which is separately filing for bankruptcy relief, makes thin-film solar products for commercial rooftops. The company said that United Solar's "current capital structure and legacy costs" have kept the company from making necessary investments. "The processes we initiated today will afford greater opportunity for (Energy Conversion Devices) to maximize value for its stakeholders and conduct an orderly sale of (United Solar) to ensure it is viable and successful for the long-run," said Julian Hawkins, president and CEO of Energy Conversion Devices. Energy Conversion Devices shares plummeted by 81.5 percent, or $1.19, to 27 cents per share in morning trading.
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