Aug 15, 2011
Evergreen Solar (NASDAQ:ESLR) announced that it voluntarily filed a petition for a relief under Chapter 11 of the U.S. Bankruptcy Code. The petition was filed in the U.S. Bankruptcy Court for the District of Delaware.
As part of the restructuring, an entity formed by the supporting noteholders, ES Purchaser, entered into an asset purchase agreement with the company.
If higher or better offers for assets are not obtained, it is expected that ES Purchaser will acquire most of the company's assets pursuant to the asset purchase agreement. As part of Evergreen Solar's reorganization activities, the company will reduce its U.S. and European workforce by about 65 people, including suspension of operations at its Midland, Michigan filament facility.
Evergreen Solar should find initial resistance at its 50-day moving average (MA) of $0.48 and further resistance at its 200-day MA of $2.14.
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