15 Aug '11, 6pm

Evergreen Files for Chapter 11, Plans to Sell Assets: Evergreen Solar will conduct the equivalent of a corpora...

Evergreen Files for Chapter 11, Plans to Sell Assets: Evergreen Solar will conduct the equivalent of a corpora...

Evergreen Solar will conduct the equivalent of a corporate garage sale. The troubled company announced today that it has filed for Chapter 11 reorganization. Chapter 11 bankruptcy is typically not as fatal as a Chapter 7 bankruptcy: companies do emerge from it. But Evergreen also announced that it would try to sell its assets under the reorganization, including the String Ribbon technology that is at the core of Evergreen's existence. Without String Ribbon, Evergreen's assets are more generic: leases, factory space, a brand name that's declined. If the trustees can sell String Ribbon, there won't be a lot left to reorganize. It's been a long, slow and expected decline. In May, Evergreen canceled its conference call with investors and released its Q1 numbers by press release. Some highlights: Revenues for the first quarter of 2011 were $35.3 million, down 60.4 percent compa...

Full article: http://www.greentechmedia.com/articles/read/evergreen-fil...

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