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.
