It’s yet another example of why the government should stay out of the alternative energy business:
Reports the Boston Herald:
Evergreen Solar Inc., the Massachusetts clean-energy company that received millions in state subsidies from the Patrick administration for an ill-fated Bay State factory, has filed for bankruptcy, listing $485.6 million in debt.
Evergreen, which closed its taxpayer-supported Devens factory in March and cut 800 jobs, has been trying to rework its debt for months. The cash-strapped company announced today has sought a reorganization in U.S. Bankruptcy Court in Delaware and reached a deal with certain note holders to restructure its debt and auction off assets.
The Massachusetts Republican Party called the Patrick administration’s $58 million financial aid package, which supported Evergreen’s $450 million factory, a “waste” of money.
But wait, there’s more to this story. Evergreen also received money from the Stimulus package (it was money given to Massachusetts to create green jobs). And–hold on to your seats for this flashback–in January made an announcement to lay off 800 workers, shutter a manufacturing plant and move operations to China.
That story, reported by the NY Times, is here.
The story reminds me of the half-a-trillion dollar screwing the federal taxpayer took when Obama invested in Solyndra, a solar company in the Silicon Valley. You can read my article on that here.
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