A Solar Panel Company goes Supernova

obamanomics

By John Galt
August 15, 2011 – 21:20 ET

I’ll let Obama from July 3, 2010 in this YouTube video from the Associated Press and the headline and summary from Bloomberg tonight say everything that needs to be said.

Evergreen Solar Files for Bankruptcy Owing $485.6 Million

By Steven Church – Aug 15, 2011 3:58 PM ET
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.

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.

(Excerpted; click on the title to read complete story)

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