The
Switch
will
retain
a
€14.2m
($20.6m)
advance
payment
that
was
made
by
AMSC
on
29
June
in
order
to
extend
the
preliminary
agreement
between
the
two
companies.
The
break-up
fee
will
be
recorded
as
an
expense
in
AMSC's
second
fiscal
quarter,
which
ended
on
September
30,
2011.
AMSC
chief
executive
officer
Daniel
McGahn
says
“While
AMSC
and
The
Switch
have
mutually
agreed
to
terminate
our
acquisition
agreement,
we
continue
to
see
strong
synergies
between
our
two
companies
and
expect
to
continue
to
work
collaboratively
on
drivetrain
solutions
that
increase
wind
turbine
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