Evergreen Looks To Restructure Debt
Marlborough-based solar panel manufacturer Evergreen Solar Inc. is looking to restructure its debt and raise up to $40 million.
The company will ask shareholders in early 2011 to approve a debt restructuring plan that will: reduce the amount of debt the company has; convert existing debt to new debt with longer maturity; create incentives for debt holders to convert notes into stock; and increase the company's flexibility in restructuring debt.
In addition, the company's stock will undergo a 1-6 reverse stock split next year, which was approved by shareholders this summer. The number of shares of the company's stock will double from 120 million to 240 million.
The company said it hopes to solidify its long-term debt obligations while reducing annual interest payments.
Click here to read about the company's efforts to approve the reverse stock split earlier this year.
WBJ Web Partners
Most Recent
Most Recent
0 Comments