Evergreen Solar Gets Tentative OK For Auction Plan

Law360, Wilmington (September 6, 2011, 6:43 PM EDT) -- Solar panel maker Evergreen Solar Inc. won tentative bankruptcy court approval Tuesday for a plan to auction off its assets, including a $30 million stalking horse credit bid from secured lenders.

U.S. Bankruptcy Judge Mary F. Walrath said she would sign off on bidding procedures in connection with the planned Nov. 1 auction, but only after Evergreen and the secured bondholders backing the sale — owed $165 million overall — incorporated language addressing the concerns of junior creditors.

The official committee of unsecured creditors balked at...
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