August 15, 2011
How's that green technology going?
Not so well it seems -- from the Boston Herald:Evergreen Solar files for bankruptcy, plans asset saleA bit more:
Evergreen Solar Inc., the Massachusetts clean-energy company that received millions in state subsidies from the Patrick administration for an ill-fated Bay State factory, has filed for bankruptcy, listing $485.6 million in debt.
Evergreen, which closed its taxpayer-supported Devens factory in March and cut 800 jobs, has been trying to rework its debt for months. The cash-strapped company announced today has sought a reorganization in U.S. Bankruptcy Court in Delaware and reached a deal with certain note holders to restructure its debt and auction off assets.
The Massachusetts Republican Party called the Patrick administration�s $58 million financial aid package, which supported Evergreen�s $450 million factory, a �waste� of money.
�The bankruptcy of Evergreen Solar is another sad event for the Massachusetts company and highlights the folly of the Patrick-Murray Administration which has put government subsidies into their pet projects instead of offering broad based relief to all Bay State employers,� said Jennifer Nassour, head of the state GOP.
Evergreen � hurt by lower-cost competition in China and plummeting prices for solar panels � also said it will cut more jobs � 65 layoffs in the United States and Europe, mostly through the shutdown of its Midland, Mich., manufacturing facility. That would leave Evergreen with about 68 workers according to a head count listed in the bankruptcy filing.Oh the irony -- it hurts. Being hit by the cheap Chinese panels and then moving production to China to compensate. Quite the ride (from BigCharts):
To cut costs, Evergreen shifted some of its production to Wuhan, China, last year. That joint venture will remain operating subject to financing talks with Chinese investors.
Comments
Post a comment