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AMSC -8.7%; company ordered to pay $11M to ex-licensee

  • An ICC arbitration court has ruled American Superconductor's (NASDAQ:AMSC) Austrian subsidiary breached a 2008 license agreement with former Indian wind turbine tech licensee Ghodawat Energy, and has awarded Ghodawat $11M in damages and costs.
  • AMSC says it believes it has "sufficient available liquidity to satisfy the award, if required, and to fund its operations for at least the next twelve months." The company had $42.8M in cash at the end of FQ2 (its June quarter).
  • A $10.5M FQ3 charge is expected to be recorded for the ICC ruling.
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