The manufacturer, which filed for bankruptcy protection in August, received USD$6 million in cash for its business and 7,573,964 unrestricted Ordinary Shares of China Private Equity Investment Holdings Ltd., a British Virgin Islands limited company, "along with the payment of certain cure costs for assumed contracts and the assumption of various liabilities of the company."
The sale was said to be conducted pursuant to Sections 105, 363 and 365 of the United States Bankruptcy Code and was approved by the United States Bankruptcy Court for the District of Delaware on November 10.
Meanwhile, CEO, Michael El-Hillow has been dismissed, along with CFO, Donald W. Reilly, CSO, Richard G. Chlebosk, CTO, Lawrence Felton, and Henry Ng, the companys president and general manager, Asia operations. The decision was effective immediately, as of November 21.
On November 18, Peter W. Cowden and Edward C. Grady additionally notified the company of their resignations from the board of directors, also effective as of November 21, 2011.
To compensate for the changes, Evergreen's board of directors has appointed Christian M. Ehrbar as CEO and president, and Paul Kawa as CFO, as the company continues its bankruptcy proceedings.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.