Stimulus “Pet Project” Business Files for Bankruptcy
One of a handful of "pet projects" the Obama Administration singled out during the Stimulus has having so much promise, has filed for banktuptcy-after taking Federal Dollars and promising jobs.
Evergreen Solar, which has already closed one plant and laid off over 800 workers, has filed for Chapter 11 Banktuptcy, and plans an asset sale. The company, which developed and manufactured "clean energy" technology, had been tried for months to rework it's debt. Evergreen was one of a number of companies specifically mentioned in an April 2009 White House release as being at the forefront of part of the Obama-Biden Economic Plan that was to help create jobs and strengthen the economy. They were one of several listed in the state by state breakdown of how stimulus money was going to be allotted. The Devins Massachusetts plant mentioned in the White House notes was the facility they closed, depleting nearly 800 jobs.