Monday, August 15, 2011

Bye Bye Evergreen Solar

One of the administrations big “green jobs” creators is folding.  How can you go broke if your product is so good it gets the backing of the state and federal government?  Could it be that solar power cannot stand on its own and will be revealed as the waste of money that it really is?  We can produce energy much cheaper with gas/coal/nuclear than with solar.  Wind is next.

Evergreen Solar files for bankruptcy, plans asset sale
By Herald Staff
Monday, August 15, 2011

Evergreen Solar Inc., the Marlboro clean-energy company that received millions in state subsidies to build an ill-fated Bay State factory, has filed for bankruptcy.

Evergreen, which closed its taxpayer-supported Devens factory in March and cut 800 jobs, has been trying to rework its debt for months. The company announced today it is seeking a reorganization in U.S. Bankruptcy Court in Delaware and also reached a deal with certain note holders to restructure its debt and sell off certain assets.

The company also said it will lay off another 65 jobs 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 headcount listed in the bankruptcy filing.

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