Court decrees Evergreen Solar may proceed with sale of majority of assets to three companies

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Evergreen Solar has received permission to proceed with the sale of the majority of its assets from a bankruptcy judge at a Wilmington, Delaware hearing, according to a Bloomberg report. The bankrupt module manufacturer and co-owner of the proprietary ‘String Ribbon’ technology is said to have secured a buyer for its core wafer assets to Hong Kong-based Max Era Properties for approximately US$9.2 million – US$6 million in cash and US$3.2 million in unrestricted ordinary shares of China Private Equity Investment Holdings.

The auction of assets was held on November 1, and resulted in the sale of core assets to Max Era, including IP for the company’s ‘wide wafer’ technology and interests in an unnamed China-based JV company. It is also selling a claim against a Lehman Brothers Holdings affiliate company to the tune of approximately US$171 million to its 13% senior secured noteholders for the sum of US$21.5 million in debt forgiveness, and Evergreen has offloaded its inventory of solar modules to Kimball Holdings LLC for around US$3.8 million.

After entering into time-consuming negotiations with holders of its 13% convertible senior secured notes, which had caused the company to delay quarterly SEC filings, Evergreen Solar filed for Chapter 11 bankruptcy in August this year.

Former Evergreen employees are facing a bleak outlook, as the company’s plans for the sale to be made to a buyer that could take the business on as a going concern have been scrapped as none of the interested parties has expressed an interest in doing so. As a result, says Steven Wilamowsky, an attorney for Evergreen, those employees that lose their jobs will receive a severance package as intended: “We want to give them their full entitlement in a lump sum in cash at the time of their termination.”

Court papers for the transactions did not mention any sale of the company’s 450,000-square-foot manufacturing facility in Devens, MA.

The Bloomberg report is available here.

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