Massachusetts-based Evergreen Solar today filed for bankruptcy protection, following a month-long sales decline of its solar panel business.
The company, which received millions of dollars in state aid, said it intends to sell off assets of the company, including its proprietary solar cell manufacturing process. As part of the reorganization, Evergreen Solar will lay off 65 people, which will include the closure of a facility in Michigan.
The chapter 11 bankruptcy filing is part of the company's efforts to reorganize its business around making silicon wafers that are converted into solar cells and fitted into solar panels. Global competition, … Read more