Evergreen Amends Financing Plan
Evergreen Solar, the Marlborough-based solar power manufacturer, announced amended terms of its plan to restructure millions of dollars worth of its debt.
The move will give investors extra time and new terms under which debt in the company can be converted into new convertible debt. Convertible debt is a mechanism for the company to receive money from investors that can be repaid in either cash or stock.
Evergreen has extended its offer to sell the convertible debt until Feb. 9. The company also changed the terms of the debt by lowering the price at which the debt can be converted into company stock. Evergreen is looking to reshuffle more than $250 million of its convertible debt.
The company recently announced it would be closing its Devens manufacturing plant, a move that would impact about 800 workers. State officials are reviewing how much in state subsidies the company will have to return because of the plant's closure.
To read more about Evergreen's recapitalization plan, click here.
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