It’s not a startup, but it’s the latest member of the cleantech graveyard. On Monday, solar manufacturer Evergreen Solar filed for Chapter 11 and announced that it will be selling its assets, laying off 65 people and suspending operation of its Midland, Mich. filament factory.
The company’s stock dropped 58.33 percent to $0.18 per share, and as Forbes points out, will likely soon be worthless. Evergreen Solar also said:
“Based upon the estimated value of the Company’s assets, the assets are expected to be insufficient to satisfy all its obligations to its creditors.”
Bloomberg reports that Evergreen has assets valued at $424.5 million and as many as 5,000 creditors, and owes creditors $485.6 million.
Evergreen has long been struggling to get its debt in line, and turn around increasing losses. For the first quarter of the year, Evergreen reported a net loss of $33.37 million, and for the fourth quarter of 2010, lost another $410.95 million.
Evergreen made a lot of news earlier this year when the company closed a factory in Devens, Mass., and cut hundreds of jobs. The factory was supported by state subsidies.
The company says day-to-day business will still go on while they are in reorganization.