From our November 2010 post "Market Wasn't Looking for Much From Evergreen Solar, Got it (so the stock is 2% higher)":
The stock is up a couple pennies at 98 cents.The stock closed at 18 cents down 57% on the day.
This is one that we identified as a potential bankruptcy back in 2009. Not much has changed since then.
Evergreen Solar Inc. (ESLR), a maker of electricity generating solar panels, filed bankruptcy with plans to sell itself at an auction in order to pay creditors owed $485.6 million.When the endpoint of your cash-flow analysis is "Whoa, they got no dough", the appropriate course of action is....
Investors who hold more than 70 percent of the company’s convertible senior secured notes have agreed to act as the so- called stalking-horse, or initial bidder, in a proposed auction for Evergreen’s assets, including new technology to make solar wafers at lower cost, Evergreen Chief Executive Officer Michael El-Hillow said in court papers today.
The company, based in Marlboro, Massachusetts, blamed the bankruptcy on increased competition from government-subsidized solar-panel makers in China and the failure of the U.S. to adopt clean-energy policies....MORE