Sunset For Evergreen?
Months after raising hackles locally with the closing of its Devens plant, Marlborough-based Evergreen Solar is warning that it may go out of business entirely.
In a financial filing, the company says there is "substantial doubt as to its ability to continue as a going concern."
To keep afloat, Evergreen says it hopes to restructure its debt, but it warns that any such move will mean a big loss for shareholders, "leaving them with at most a very small percentage of the Company's outstanding common stock."
Evergreen has been struggling with the falling price of solar panels since well before its announcement in January that it would close the Devens plant. Now, the company said, it is facing even greater price pressure, along with low sales volume. It also said it will realize less cash than expected from closing the plant.
For the first quarter of the year, Evergreen said it had revenues of $35.3 million, compared with $78.5 million for the same period last year. Its net loss rose to $33.4 million, from $23.9 million.
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