Energy Conversion Devices: Big Customer In Cash Crunch
Trouble is brewing for Energy Conversion Devices (ENER).
Yesterday, the company noted in a press release that one of its largest customers, London-listed Solar Integrated Technologies has discontinued discussions with a commercial lender on a new line of credit, and extended its current loan agreement with a unit of General Electric (GE) until July 3. Solar Integrated itself had announced that news a day earlier, also noting that it has hired Thomas Weisel Partners to consider strategic alternatives for the company, including a possible sale or financing.
