Skip to comments.Evergreen Solar files for bankruptcy, plans asset sale
Posted on 08/15/2011 12:09:58 PM PDT by massmike
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.
Evergreen secured a $58 million financial aid package from the Patrick administration to help build the $450 million Devens factory. The state has been trying to recoup about $4 million in cash from the company, the once-promising poster child of the governors clean-energy economic agenda.
(Excerpt) Read more at bostonherald.com ...
The only “Green Jobs” are the lawyers handling the bankruptcies of Green companies.
It's a boondoggle. It's always a boondoggle.
Government money is needed for ventures like this because the market is unwilling to fully fund the effort. That should tell people something.
It's a transfer of wealth from taxpayers to green energy scam artists.
Joining Jimmy Carter’s Synfuels Corporation on the ash heap of history. Oh when will we ever learn?
The list, ping
Let me know if you would like to be on or off the ping list
Agreed. It's obvious. In fact it's so obvious that I woner why aren't people marching on the government with pitchforks and torches demanding their money back? Oh - this is in Ma. Most massholes are too stupid to figure out this is a scam, and likewise too stupid to realize how stupid they are.
Nice try, governor.
This guy couldn’t hit the ground with his hat.
I think Cramer was hawking this company long ago too.
Ole Coup Deval strikes again.
-——It’s a transfer of wealth from taxpayers to green energy scam artists. -——
Do you consider the green money laundered back into the Obama campaign treasury a scam? That is grade A graft, not a scam
Well over a year ago I bought some solar panels. Deliberately avoided Evergreen because you could see the train wreck coming. Another failure of state subsidized business. Anything Deval and his crew touches will turn to crap.
Boondoggles are very profitable. Even if they go nowhere and relatively little money gets spent, it still gives jobs to those pushing them. I long wondered why there are so many ultra-grandiose plans pushed with so few coming about ... until I realized those working those plans garner salaries going from one proposal & study to the next.
They scammed Michigan out of taxpayer funds too, under our former rat governor.
It’s a transfer of wealth from taxpayers to green energy scam artists.”
The Al Gore method of running a government.
This one here is a tarbaby. Just ask Mitt.
Green energy = green jobs + green money up in smoke.
These Marxist tools and fools are nuts!!
To: Interested Parties
Fr: White House Communications
Da: April 22, 2009
Re: The Obama-Biden economic plan: creating jobs, strengthening the economy for Massachusetts families
REAL RESULTS IN MASSACHUSETTS
Thanks to the Obama Administrations American Recovery and Reinvestment Act, real impact is already being felt across the state. Because of the Stimulus Bill and New Contracts, Green Energy Companies Are Looking to Hire Many New Employees. "The clean-tech and green industries in Massachusetts are hiring. Companies looking to add employees include Aeronautica Windpower in Plymouth, lithium-ion battery maker Boston-Power Inc. in Westborough, and Conservation Services Group, also in Westborough The workforce expansions are being partly spurred by the federal economic stimulus package, which includes billions for home energy-efficiency upgrades and an extension of a tax credit for renewable energy technologies such as wind power Because of the stimulus bill as well as several new contracts, Cowell plans to add 200 more jobs this year. The company currently employs about 400 and does business in 22 states. At least 30 to 40 of the new jobs will be in Massachusetts, he said. Were sort of the tip of the iceberg, Cowell said. A couple of hundred people will be hired here, but that means that 2,000 people will be hired at the local level to do the work that we spec out and help facilitate. At Boston-Power, which makes the Sonata battery used in Hewlett-Packard's notebook computers, vice president of marketing Sally Bament said she is looking to hire about two dozen people in marketing, sales, and other areas. Evergreen Solar, the Marlborough-based maker of solar panels, also is hoping to hire 90 to 100 people at a manufacturing plant in Devens, said Gary Pollard, vice president of human resources. Aeronautica Windpower, meanwhile, hopes to bring on between 50 and 100 employees to begin producing midscale wind turbines at a facility that the company hopes to open somewhere in the state this spring." [The Boston Globe, 3/6/09]"
Stunning, the waste and the spin.
Drudge headline: OBAMA’S GREEN PET GOES BANKRUPT