Teetering on the brink of financial collapse, Evergreen Solar has missed the prescribed filing date with the US SEC body for its quarterly report, which ended July 2, 2011. The company said in a statement that ongoing discussions with holders of its 13% Convertible Senior Secured Notes due 2015, had taken-up management resources sufficiently in the period to delay the filing of the required documents.
The negotiations are part of a broader attempt to restructure its existing debt and seek alternative forms of finance to offset a potential bankruptcy as the former ‘String Ribbon’ module producer, migrates to becoming a wafer producer using the technology.
A ‘grace’ period does exist before the SEC can take further action, with the company stating that it was preparing financial statements as soon as possible to comply with the grace period.
However, Evergreen Solar has already been notified by Nasdaq that it is in breech of two stock market listing requirements and is in danger of being delisted from the exchange, which would further limit or make efforts to raise new finance increasingly difficult to continue operations.