8/15/2011

Even with massive subsidies, politically favored environmental firm goes bankrupt

Why government shouldn't get involved in making investments. 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.

“The bankruptcy of Evergreen Solar is another sad event for the Massachusetts company and highlights the folly of the Patrick-Murray Administration which has put government subsidies into their pet projects instead of offering broad based relief to all Bay State employers,” said Jennifer Nassour, head of the state GOP. . . .

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1 Comments:

Blogger Chas said...

Markie Marxist sez: "Our green scam is collapsing fast, but hopefully it won't go down completely before the 2012 election. We can handle looking foolish, but we can't handle looking completely foolish."

8/18/2011 7:45 AM  

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