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Evergreen Solar files for bankruptcy, plans asset sale
bostonherald.com ^ | 08/15/2011 | Herald Staff

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 governor’s clean-energy economic agenda.

(Excerpt) Read more at bostonherald.com ...


TOPICS: News/Current Events; US: Massachusetts
KEYWORDS: devalpatrick; energy; evergreen; evergreensolar; solar; unexpected

1 posted on 08/15/2011 12:10:05 PM PDT by massmike
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To: massmike

The only “Green Jobs” are the lawyers handling the bankruptcies of Green companies.


2 posted on 08/15/2011 12:11:48 PM PDT by dfwgator
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To: massmike
poster child of the governor’s clean-energy economic agenda

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.

3 posted on 08/15/2011 12:14:24 PM PDT by ClearCase_guy (The USSR spent itself into bankruptcy and collapsed -- and aren't we on the same path now?)
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To: massmike

Joining Jimmy Carter’s Synfuels Corporation on the ash heap of history. Oh when will we ever learn?


4 posted on 08/15/2011 12:18:02 PM PDT by Buckeye McFrog
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46 Days And FR Is Still Short Of Its Goal

We Are In A Fight For Our Republic

Are You In Or Are You Out?

Support Free Republic

5 posted on 08/15/2011 12:18:46 PM PDT by DJ MacWoW (America! The wolves are here! What will you do?)
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To: massmike
The new class of successful businessman, buy a politicians, get a government loan on some scam. Pay management several million, walk away. Move to Florida and do it again.
6 posted on 08/15/2011 12:18:55 PM PDT by org.whodat (What does the Republican party stand for////??? absolutely nothing.)
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


7 posted on 08/15/2011 12:19:53 PM PDT by Nachum (The complete Obama list at www.nachumlist.com)
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To: ClearCase_guy
It's a transfer of wealth from taxpayers to green energy scam artists.

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.

8 posted on 08/15/2011 12:19:59 PM PDT by from occupied ga (your own government is your most dangerous enemy)
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To: massmike

Nice try, governor.

This guy couldn’t hit the ground with his hat.


9 posted on 08/15/2011 12:21:38 PM PDT by RexBeach (Mr. Obama can't count.)
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To: massmike

Brown jobs.


10 posted on 08/15/2011 12:22:59 PM PDT by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money.)
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To: RexBeach

I think Cramer was hawking this company long ago too.

Ole Coup Deval strikes again.


11 posted on 08/15/2011 12:23:09 PM PDT by Mouton (Voting is an opiate of the electorate. Nothing changes no matter who wins..)
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To: ClearCase_guy

-——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


12 posted on 08/15/2011 12:24:30 PM PDT by bert (K.E. N.P. +12 ....Rats carry plague)
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To: Mouton

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.


13 posted on 08/15/2011 12:35:47 PM PDT by NewHampshireDuo
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To: ClearCase_guy

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.


14 posted on 08/15/2011 12:43:23 PM PDT by ctdonath2 ($1 meals: http://abuckaplate.blogspot.com/)
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To: massmike

They scammed Michigan out of taxpayer funds too, under our former rat governor.


15 posted on 08/15/2011 12:47:42 PM PDT by Beagle8U (Free Republic -- One stop shopping ....... It's the Conservative Super WalMart for news .)
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To: ClearCase_guy

It’s a transfer of wealth from taxpayers to green energy scam artists.”

The Al Gore method of running a government.


16 posted on 08/15/2011 1:15:48 PM PDT by ridesthemiles
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To: ClearCase_guy

This one here is a tarbaby. Just ask Mitt. ™


17 posted on 08/15/2011 1:20:18 PM PDT by donhunt (I am sick and tired of those bastards insulting and lying to me.)
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To: massmike

Green energy = green jobs + green money up in smoke.

These Marxist tools and fools are nuts!!


18 posted on 08/15/2011 1:20:28 PM PDT by Jim Robinson (Rebellion is brewing!! Impeach the corrupt Marxist bastard!!)
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To: massmike
"Massachusetts

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 Administration’s 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. ‘We’re 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]"

http://www.whitehouse.gov/progressreports/Massachusetts

Stunning, the waste and the spin.

19 posted on 08/15/2011 1:27:43 PM PDT by rxsid (HOW CAN A NATURAL BORN CITIZEN'S STATUS BE "GOVERNED" BY GREAT BRITAIN? - Leo Donofrio (2009))
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To: massmike

Drudge headline: OBAMA’S GREEN PET GOES BANKRUPT


20 posted on 08/15/2011 1:42:00 PM PDT by calico_thompson
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To: steelyourfaith

too big to fail.

give them another $$ trillion ?

/s


21 posted on 08/15/2011 2:52:15 PM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: george76; SteamShovel; Bockscar; Thunder90; rdl6989; marvlus; Fractal Trader; Whenifhow; ...
Thanx for the ping george76 !

 


Beam me to Planet Gore !

22 posted on 08/15/2011 2:56:39 PM PDT by steelyourfaith (If it's "green" ... it's crap !!!)
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To: massmike

The Chinese need the jobs! You won’t EVER see the GREEN again.


23 posted on 08/15/2011 3:42:42 PM PDT by count-your-change (You don't have be brilliant, not being stupid is enough.)
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To: massmike
I did not expect this.

Now please can I get a $150,000/yr job as an economist?

24 posted on 08/16/2011 5:18:39 PM PDT by SteveH (First they ignore you. Then they laugh at you. Then they fight you. Then you win.)
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