Evergreen Solar Cleared To Use Lenders' Cash Collateral

Law360, New York (August 17, 2011, 6:40 PM EDT) -- A Delaware bankruptcy judge on Wednesday cleared Evergreen Solar Inc. to finance its reorganization through use of its lenders’ cash collateral, $12.5 million of which will immediately go to pay down the solar panel maker’s secured debt.

U.S. Bankruptcy Judge Mary F. Walrath signed off on the cash collateral order, along with a handful of other customary first-day motions as the company prepares to market its assets in Chapter 11 with support from bondholders.

In addition to the upfront $12.5 million pay-down of secured debt, the...
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