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Evergreen Solar Seeks Bankruptcy With Plans to Sell Itself

Evergreen Solar Inc., a maker of electricity generating solar panels, filed bankruptcy with plans to sell itself at an auction in order to pay creditors owed $485.6 million.

Investors who hold more than 70 percent of the company’s convertible senior secured notes have agreed to act as the so-called stalking-horse, or initial bidder, in a proposed auction for Evergreen’s assets, including new technology to make solar wafers at lower cost, Evergreen Chief Executive Officer Michael El-Hillow said in court papers today.