Sunday, July 31, 2011

Evergreen Defaults

No big deal.

"Evergreen won’t pay $4.2m in interest due" July 16, 2011|By Erin Ailworth, Globe Staff

Marlborough-based solar panel maker Evergreen Solar Inc. has said it will not pay nearly $4.2 million in interest payments due yesterday.

The company decided to forgo the payments, it said in a Securities and Exchange Commission filing, “in light of its current liquidity and capital resources.’’ If the interest remains unpaid for 30 days, it would trigger a default.

Once a promising alternative energy company that received millions in state subsidies, Evergreen has struggled in recent years against competition from China. Earlier this year, the company closed its factory in Devens, eliminating hundreds of jobs. And earlier this week, it warned in a filing that it was in danger of running out of cash and its shares could be worth little or nothing even if it manages to strike a deal to restructure debt. Evergreen’s shares have plunged 88 percent this year, and yesterday closed at 39 cents.

Clouds on Evergreen's horizon?

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Related: Evergreen warns shares may become worthless

Also see:   

Slow Saturday Special: Evergreen Turns Brown

Evergreen Grows Tall in China


State Keeps Watering Evergreen

Executive Payday: Evergreen Excesses

No More Evergreen in Massachusetts

Slow Saturday Special: Evergreen Solar Burns Massachusetts

That $un sure is hot, taxpayers.