A company (Evergreen Solar Inc.,) that received a $58 million financial aid package from Democrats to build a Bay State factory, has now filed for bankruptcy.

The Democrats have proved that they have no clue how to help businesses, create jobs, or to balance a budget, and now we are learning about the Democrat’s horrible track record in the companies that they gave our money to.

I just wonder how much money Evergreen Solar Inc. donated to the Democrats before receiving the $58 million gift???
My guess is that they donated a lot..

Evergreen Solar Inc., the Marlboro clean-energy company that received millions in state subsidies to build an ill-fated Bay State factory, has filed for bankruptcy.

Evergreen, which closed its taxpayer-supported Devens factory in March and cut 800 jobs, has been trying to rework its debt for months. The company announced today it is seeking a reorganization in U.S. Bankruptcy Court in Delaware and also reached a deal with certain note holders to restructure its debt and sell off certain assets.

The company also said it will lay off another 65 jobs in the United States and Europe, mostly through the shutdown of its Midland, Mich., manufacturing facility. That would leave Evergreen with about 68 workers according to a headcount listed in the bankruptcy filing.

“Chapter 11 will provide Evergreen Solar with the ability to maximize returns for our stakeholders through the proposed sale process,” Evergreen CEO Michael El-Hillow said in a statement. “Importantly, we expect to continue our technology development without interruption during Chapter 11 and the sale process.”

Evergreen secured a $58 million financial aid package from the Patrick administration to help build the $450 million Devens factory. The state has been trying to recoup about $4 million in cash from the company, the once-promising poster child of the governor’s clean-energy economic agenda.

The list of top creditors in today’s bankruptcy filing lists a $1.5 million debt to MassDevelopment.

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