Evergreen Bankruptcy Auction Set
Less than two months after Marlborough-based Evergreen Solar Inc. filed for Chapter 11 bankruptcy protection, a judge has ordered its facilities and inventory in Devens and Michigan and to be auctioned to satisfy creditors.
Michigan-based Hilco Industrial, an industrial capital assets acquisition and disposition firm, announced it has been appointed to auction Evergreen's assets. Hilco is accepting bids until Oct. 26 with a final bid-off to take place Nov. 1, according to its website.
The auction lots include buildings, HVAC systems, cell and wafer fabrication equipment and remaining solar panel inventory, among other items.
Citing heavy competition from Chinese solar companies, Evergreen shuttered its Devens plant earlier this year and laid off 800 workers. The state had given $21 million in grants to the company plus tax incentives. It is not clear if the state will recoup any of that money, but the Boston Globe reported that state officials are in talks with Hilco.
Evergreen, which was delisted from the Nasdaq stock exchange this month, listed $486 million in debt and $424.4 million in assets in its August filing in Delaware bankruptcy court. But it's unlikely the company will receive book value for its assets.
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