From 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.
This is your typical M.O. of green energy companies- get large amount of free government money and services and then bail. I have documented cases in Wisconsin Rapids and Madison WI., Boulder City, Henderson, Las Vegas and Pahrump NV. and other cities that have been burned or about to be burned by green energy companies. Crybaby Harry Reid and President Obama are the cheerleaders of these companies along with other Democrats and GOP RINOs.
While government may have a role in some companies starting up, the track record of green energy companies is horrid and the government needs to stay out of funding green companies until they can show they can compete and be profitable in today's environment.
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