GT Advanced requests approval of $3.6 million sale of Merlin assets

By Caroline Salls

Pittsburgh, Feb. 24 – GT Advanced Technologies Inc. requested court approval of the proposed $3.6 million sale of some of the assets related to its Merlin business to Shah Capital Partners affiliate Merlin Solar Technologies, Inc., according to a motion filed Tuesday with the U.S. Bankruptcy Court for the District of New Hampshire.

GT Advanced said Merlin is a solar cell metallization and interconnect technology. The Merlin business is currently conducted out of a leased facility in San Jose, Calif., and consists primarily of intellectual property rights, fixed assets, and inventory.

The company said the buyer has agreed to make offers of employment to 33 of the employees currently working in the Merlin business, as well as to assume cure costs.

Merrimack, N.H.-based GT Advanced Technologies is a provider of equipment and services that support the growth of the solar and LED industries. The company filed for bankruptcy on Oct. 6, 2014 under Chapter 11 case number 14-11916.

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