Milbank Represents Composite Technology in Agreement to Sell Turbine Business to DSME
NEW YORK, August 12, 2009 – International law firm Milbank, Tweed, Hadley & McCloy LLP represented Composite Technology Corporation ("CTC") (OTCBB: CPTC) in its agreement to sell substantially all of the operating assets and operating liabilities of DeWind Inc., including its subsidiaries and certain assets of DeWind Ltd., to Daewoo Shipbuilding & Marine Engineering Co., Ltd. ("DSME") of Korea. Under the terms of the asset purchase agreements, the sale price is approximately US$46.5 million for substantially all of the operating assets and operating liabilities of DeWind Inc., and approximately US$3 million for certain assets of DeWind Ltd., subject to certain possible post-closing adjustments. The transactions are subject to customary closing conditions and are expected to close within the next 30 days.
The Milbank team representing CTC included partner Neil J Wertlieb and associate Joseph M. Teltser of the Global Corporate Group and associate Henry T. Scott of the Global Project Finance Group, all based in Los Angeles.
DSME is the world's second largest shipbuilder. Composite Technology Corporation, based in Irvine, California, develops, manufactures and sells innovative high performance electrical transmission and renewable energy generation products through its subsidiaries.
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