ASI Liquidating Co. (Formerly Applied Solar, Inc.) Announces Anticipated Liquidation
SAN DIEGO, Dec. 9 /PRNewswire/ -- ASI Liquidating Co. (the "Company"), which was formerly known as Applied Solar, Inc., announced today that it anticipates that the Company's Chapter 11 bankruptcy case currently pending in Delaware bankruptcy court will be converted to a Chapter 7 case in the near future, after which time a Chapter 7 Trustee will be responsible for overseeing the liquidation of ASI Liquidating Co. As previously disclosed, the Company has completed the sale of substantially all of its assets to an affiliate of The Quercus Trust (the "Asset Sale"), which affiliate is operating these assets under the name "Applied Solar." The remaining assets of the Company consist primarily of cash received in the Asset Sale, in an amount that is not sufficient to pay all of its creditors in full. As a result, as previously noted, it is anticipated that the stockholders of ASI Liquidating Co. will not receive any disbursement in connection with the liquidation of ASI Liquidating Co.
SOURCE ASI Liquidating Co.