Evergreen Solar Fails To Find Buyer For Massachusetts PV Factory

Posted by SI Staff on March 13, 2012 No Comments
Categories : New & Noteworthy

Bankrupt solar manufacturer Evergreen Solar Inc., which is now in the final phases of its bankruptcy liquidation, has been unable to find a buyer for its Devens, Mass., manufacturing facility.

The company has thus requested permission from a judge to break its existing lease and abandon the property, the Wall Street Journal reports, citing bankruptcy filings.

Evergreen, which filed for bankruptcy in August 2011, has been criticized for accepting millions in grants, low-interest loans and other incentives from the Massachusetts government before moving production to China and subsequently wiping out that public investment with its bankruptcy.

The company also recently agreed to a deal with its secured creditors, according to the Wall Street Journal. These creditors, who are expected to lose more than $100 million when bankruptcy proceedings end, will receive at least a penny-on-the-dollar settlement.

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