Printed electronics developer Plextronics filed for chapter 11 bankruptcy protection. The company has a debt of $33 million, and wasn't able to find a buyer or an investor. The company plans to put itself up for auction and has an opening offer from Solvay (who offers $24 million to extinguish debt and $8.5 in cash).
Plextronics was /developing materials for printed electronics devices - mostly OLEDs and OPVs. The company offers HIL and HTL OLED stack materials and printable electrodes. The company's investors include Solvay, Samsung and Universal Display.
Plextronics was founded in 2002 as a spin-out from Carnegie Mellon University. In March 2011 we posted an interview with Plextronic's CEO, Andy Hannah. In July 2012 UDC and Plextronics signed a three-year strategic alliance to develop and commercialize soluble OLED material systems.
Comments
It seems that Solvay beats up Samsung and UDC at this moment by empolying unqualified CEO of Plextronics, and made huge loss to these two companys haha
I'm sorry for this news..