Evergreen Solar files for bankruptcy, plans asset sale
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.Ah, yes. Even a 58 million dollar incentive package wasn't enough to prop up this green-in-the-sky business; they up and moved their production to China, yet another business lost overseas to cheap labor and no onerous environmental regulations. How ironic is it that ultra-liberal, ultra-chic, ultra-green Massachusetts couldn't keep a green business running even with massive infusions of taxpayer green?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.
This is just the trifecta of fail. Green company. Progressive state. Business lost to the lure of cheap overseas manufacturing. You couldn't make this story up - no one would believe it. Surely the good liberals of Massachusetts would rally to save this green company, right? Oh, sure, their solar panels might be a little more expensive than the shoddy Chinese counterparts, but they're worth it, right? Save a green MA business and all?
I mean, it's not like NH stores are full of liberal MA shoppers looking to save sales tax or anything...
That is all.
3 comments:
Liberal MA shoppers PLUS the occasional hypocritical politician :)
Oh yeah, THROW money at it, and it'll magically fix itself... sure...
I get enraged when I see politically connected blood suckers take taxpayer dollars to launch their "businesses", then - when they fail - "fail up".
I launched my businesses by mortgaging my house, working a second job, and maxing out my credit cards.
...and when the recession hit, I had to lay off people and turn my own salary off for a good long time. BECAUSE I HAD SIGNED FOR THOSE DEBTS MYSELF.
It would be far easier to dance into Beacon Hill and spin lies about "green economy" and "jobs", and taken dollars stolen from the populace...and then, when times get tough, walk away from the mess and leave the taxpayers to handle it.
It's not bad enough that this sort of thing is an OPTION. The worst part is that the politicians and the goverment ACTIVELY PUSH the idea of top-down "investment" and "partnership".
A pox on both the politicians who push this and the "entrepreneurs" who take the blood money.
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