Evergreen Solar Bankruptcy in Spite of Stimulus Funds and Government Assistance: More Workers to be Laid Off
|August 16, 2011||Posted by Beth Shaw under Special Interests|
One of the Obama Administration’s pet ‘green energy’ projects is going under. Worse, the company is now moving their operations to China to a more ‘business friendly’ environment. Even worse than that, more people will be losing their jobs. Eight-hundred people lost their jobs when the company closed its Devens, Massachusetts plant in March. The Evergreen Solar bankruptcy comes after getting stimulus funds, grants, tax-credits, low-interest loans and subsidies.
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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Meanwhile, the government, particularly through the EPA continues to throw road-blocks in the form of regulations to prevent the United States from becoming energy independent utilizing the resources we have in abundance within our own country.
Instead of investing millions of tax-payer dollars into alternative energy companies that result in loses, as evidenced by the Evergreen Solar bankruptcy, perhaps we should start looking again at energy that can be obtained within our own country and that will put Americans back to work.