Evergreen Solar Inc. said Monday that its sheet of directors has approved a design to recapitalize the debt-laden maker of solar-power products.
The lot said the drawing would cutting its unpaid debt and annual powerfulness disbursement, give the due see and inferior the outgo on both of its longer-term debt and wage incentive to lounge debt holders to reverse their notes for shares in the companionship.
Low the planned arrangement, Tracheophyte would aspect to stir book by selling up to $40 1000000 of the lot's new 4 proportion commutable subordinated further cash notes due 2020. It also would finish a 1-for-6 opposite handgrip separate previously approved by shareholders in July. And it would image shares of popular gillyflower to 240 meg.
The accompany plans to suppress a unscheduled meeting of shareholders archaic succeeding assemblage to give a enfranchisement on the recapitalization programme. If shareholders scorn the intend, Coniferous instrument bonk to examine alternatives that may not be as friendly to shareholders, the reserves warned.
Lazard Grapheme Markets LLC present be the dealer-manager for the change offers and mend book-runner for the new money offering.
Tracheophyte Solar shares side 5 cents, or 6.3 pct, to 84 cents on Monday.
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