Welcome!

News Feed Item

Plextronics Commences Voluntary Chapter 11 Proceeding; Seeks to Conduct Auction and Sale Under Section 363

Plexcore® Inks and Materials Remain Commercially Available

PITTSBURGH, Jan. 17, 2014 /PRNewswire/ -- Plextronics, Inc. ("Plextronics") announced today that it has filed a voluntary petition under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). 

Plextronics also filed a motion seeking authorization to pursue a sale process under Section 363 of the U.S. Bankruptcy Code.  To this end, Plextronics has entered into an acquisition agreement with Solvay America, Inc. ("Solvay") as a "stalking horse" bidder, which it has submitted to the Bankruptcy Court on January 16th.  Under the proposed agreement, Solvay will acquire substantially all of the assets of Plextronics.  This agreement contemplates a Bankruptcy Court-supervised auction process, which is designed to achieve the highest or best offer for Plextronics' assets.  It sets the floor, or minimum acceptable bid, and is subject to Bankruptcy Court approval and certain other conditions.

"The Board and management team have conducted a rigorous assessment of all of our strategic options and concluded that this process represents the best possible solution for Plextronics to help unlock the value of Plexcore inks," said Richard McCullough, Chairman of the Board of Plextronics.  "We are committed to an outcome that maximizes value and allows Plexcore to remain commercially available to all customers.  Further, we are thankful to our dedicated employees who continue to work vigorously to develop and provide Plexcore materials to all customers throughout this process."

The proposed bidding procedures, if approved by the Bankruptcy Court, would require interested parties to submit binding offers to acquire Plextronics' assets by February 28, 2014.  Such parties could include strategic and financial bidders.  Assuming qualified bids are submitted, an auction would then be held.  A final sale approval hearing is anticipated to take place shortly after the auction with the anticipated closing to occur by the end of March 2014.

Plextronics has filed a series of customary motions with the Bankruptcy Court seeking to ensure the continuation of normal operations during this process.  Plextronics has secured financing during the sales process to ensure that it has sufficient liquidity to conduct its business uninterrupted.

Campbell & Levine, LLC in Pittsburgh is serving as the Plextronics' legal advisors.  New York-based Cowen and Company, LLC is serving as its investment banker.

Additional information about this process and proposed asset sale, as well as court filings and other documents related to the reorganization proceedings, is available by contacting Campbell & Levine, LLC at 412-261-0310.

About Plextronics

Plextronics, Inc. is a global technology company that specializes in conductive polymers and printable formulations that enable advanced electronic devices.  Headquartered in Pittsburgh, Pennsylvania, the company's develops customized inks to enhance the performance of organic light emitting diodes (OLEDs) for next generation displays and lighting applications, lithium ion batteries, polymer metal capacitors, and emerging organic electronic devices.

The privately held company was founded in 2002 as a spinout from Carnegie Mellon University based upon conductive polymer technology developed by Dr. Richard McCullough.  Plextronics has developed this technology for market adoption and currently manufactures and delivers its conductive polymer products around the world.  The company is ISO 9001:2008 and ISO 14001:2004 certified.  For more information about Plextronics, visit www.plextronics.com.

SOURCE Plextronics, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, will posit that disruption is inevitable for c...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Pentaho has announced orchestration capabilities that streamline the entire machine learning workflow and enable teams of data scientists, engineers and analysts to train, tune, test and deploy predictive models. Pentaho’s Data Integration and analytics platform ends the ‘gridlock’ associated with machine learning by enabling smooth team collaboration, maximizing limited data science resources and putting predictive models to work on big data faster – regardless of use case, industry, or languag...