Evergreen Solar announces asset sale completion; management shakeout

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 company’s 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.