Evergreen Misses Debt Payment
Marlborough-based Evergreen Solar Inc. cannot pay back more than $4.1 million in interest payments that were due to creditors Friday, the company said in a Securities and Exchange Commission filing.
That figure is the sum of more than $4 million in interest due on 4 percent senior convertible notes due in 2013 and $90,444 in interest due on 4 percent convertible subordinated additional cash notes due in 2020.
Evergreen's obligation under the two classes of notes totals $213.4 million.
If the company fails to make the payments by Aug. 15, the U.S. Bank National Association, as holder of the notes, or the holders of at least 25 percent of in principal amount of each class of the outstanding senior notes will have the right to file acceleration notices that could lead to a default, the SEC filing states.
The filing comes just days after Evergreen warned shareholders that it was facing delisting from the Nasdaq Capital Market because its share price and market value had both dropped below minimum levels. The company's stock price closed at 39 cents per share Friday.
WBJ Web Partners
Most Recent
Most Recent
0 Comments