The Lights May Be Flickering Out At Evergreen Solar
BOSTON (CBS) - The lights may be going out soon at Evergreen Solar of Marlborough. The company, which closed its factory in Devens, is now warning that it is running out of funds and in danger of going out of business.
In a securities filing, Evergreen said there is "substantial doubt" about its ability to "continue as a going concern" over the next 12 months, in part because it had "significant" cancellations for its products.
WBZ NewsRadio 1030's Anthony Silva reports
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Solar industry analyst Theodore O'Neill, a senior Vice President at Wunderlich Securities, says Evergreen is suffering from significant cancellations for its solar products, tougher international competition especially from the chinese and rapidly falling prices.
The company is meeting with bond holders to try to renegotiate debt to keep the company afloat.
Evergreen says first quarter revenues fell more than 60 percent.
