Evergreen Solar Files For Bankruptcy
Evergreen Solar Inc., the Marlborough company that once won tens of millions of dollars in incentives from state government, has filed for bankruptcy.
With its Chapter 11 filing, Evergreen Solar plans to close its production facility in Michigan. It will also cut 65 jobs in Europe and here in Massachusetts.
Andrew Keonigsberg is one of the hundreds of workers who already lost their jobs when Evergreen closed its plant in Devens earlier this year. He says the solar panel-maker could have been better managed.
"However, I don’t think it would have changed the outcome," Keonigsberg said.
Koenigsberg says the global demand for solar panels sank with the economic downturn. At the same time, Chinese producers flooded the market. When prices crashed, Evergreen Solar could not make a profit.
Evergreen owes its creditors more than $485 million.
This program aired on August 15, 2011. The audio for this program is not available.