On July2, 2008, Evergreen Solar, Inc. (NasdaqGM: ESLR), a manufacturer of String Ribbon(TM) solar power products with its proprietary, low-cost wafer technology, completed its public offering of $373.75million aggregate principal amount of 4% Senior Convertible Notes due 2013 (the "Senior Notes")....
..."The agreements in question are with affiliates of Lehman Brothers Holdings Inc. that have not filed for bankruptcy protection and are structured to provide Evergreen Solar with as much legal protection as is customarily available in transactions such as these, said Michael El-Hillow, Chief Financial Officer. While the ultimate impact of the situation is expected to unfold over the next few months, we are availing ourselves of all legal remedies to protect our Company and its shareholders in this very fluid situation.
"The majority of our cash and short term investments are held by Silicon Valley Bank, our corporate commercial bank. We also have funds on deposit with two international commercial banks, continued El-Hillow. We have sufficient cash to complete our 160 MW Devens facility and support our other operating needs as we drive to profitability in 2009.>>>Complete Release