Solvay America, Inc. signed an asset purchase agreement to acquire remaining 53% stake in Plextronics, Inc. for $32.6 million in a stalking horse agreement on January 16, 2014. Solvay America will pay $24.1 million of the purchase price in the form of a credit bid and the balance of $8.5 million in cash. The debtor in possession lender has agreed to provide financing. If this agreement is terminated for any reason and the seller consummates an alternative transaction at any time, the seller is not required to pay the buyer a termination or break-up fee. The proposed sale order proposes to authorize the debtor to use the purchase price cash component to pay the debtor's secured lenders in full upon closing the transaction contemplated in the stalking horse agreement. Plextronics, Inc. reported revenues of $2 million and net operating loss of $14 million.

As per an amended agreement signed on March 5, 2014, Solvay America, Inc. assigned the purchase agreement to Solvay USA, Inc. The transaction was approved by the bankruptcy Court on March 6, 2014.

Stanley E. Levine, Mark T. Hurford, Ayesha C. Bennett and Paul J. Cordaro of Campbell & Levine, LLC acted as legal advisors to Plextronics, Inc. Cowen and Company, LLC acted as financial advisor for Plextronics. Richard M. Assmus, Rebecca C. Davenport, Mark C. Dempsey, Marc H. Folladori, John D. Furlow, Robert F. Gray, Jr., Thomas S. Kiriakos, John F. Lawlor, Nichole E. Lopez-Tackett, Jeffrey Reed of Mayer Brown LLP acted as a legal advisors to Solvay America, Inc. and Mayer Brown LLP.