Evergreen Solar sells wafer business to Max Era Properties
Nov 28, 2011 - US bankrupt solar products maker Evergreen Solar (NASDAQ:ESLR) last week said it had divested its wafer business assets, including intellectual property, to Hong Kong-based Max Era Properties Limited for USD 10.7 million (EUR 8m) in cash and equity.
Max Era Properties Limited paid USD 6 million in cash and provided 7.57 million shares in its holding company China Private Equity Investment Holdings Ltd in return for the assets, Evergreen Solar said in a filing to the US Securities and Exchange Commission (SEC).
The Hong Kong-based firm also assumed liabilities of Evergreen Solar and other costs.
In August, Evergreen Solar filed for bankruptcy protection under the US Chapter 11 rules, aiming to continue operations while seeking an investor to sell its business to.