Bloomberg News

Energy Conversion Jumps Most in Three Decades on Debt Payment

January 16, 2012

Jan. 13 (Bloomberg) -- Energy Conversion Devices Inc., a U.S. solar panel maker that suspended production last year, climbed the most in almost three decades after making an interest payment that it had previously deferred.

Energy Conversion rose 76 percent to $1.00 at 11:37 a.m. in New York, the biggest gain since July 1983. The stock has more than tripled this week, giving it a market value of $53 million.

Energy Conversion’s payment on its 3 percent convertible notes due 2013 satisfied its current obligation on the debt, the Auburn Hills, Michigan-based company said today in a statement.

The company suspended production in November to reduce inventory.

For Additional News and Information: Energy Conversion Devices News: ENER US <Equity> CN BN <GO> Most-read solar energy stories: MNI SOLAR <GO> Top renewable energy news: GREEN <GO>

--Editors: Will Wade, Charles Siler

To contact the reporter on this story: Christopher Martin in New York at cmartin11@bloomberg.net.

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net.


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