Bondholders Back Evergreen Solar Ch. 11 Sale

Law360, New York (August 15, 2011, 7:16 PM EDT) -- Facing a potentially crushing debt burden in 2013, solar panel maker Evergreen Solar Inc. on Monday said it would sell its assets through a Chapter 11 bankruptcy auction, and that a group of bondholders had put together a $30 million stalking horse bid.

Marlboro, Mass.-based Evergreen said holders of more than 70 percent of outstanding 13 percent convertible senior secured notes had agreed to support the Section 363 sale plan. Among the assets that Evergreen plans to sell is its unique String Ribbon wafer technology business....
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