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Article: Evergreen Solar tied to Lehman; Bankrupt company underwrote stock.(BUSINESS)
- Article from:
- Telegram & Gazette (Worcester, MA)
- Article date:
- September 16, 2008
CopyrightCOPYRIGHT 2008 Worcester Telegram & Gazette. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Martin Luttrell
MARLBORO - Shares of Evergreen Solar plunged yesterday on concerns that bankrupt Lehman Brothers underwrote a stock offering and borrowed 30.9 million shares of the solar power maker's stock.
Lehman Brothers, which filed for Chapter 11 bankruptcy yesterday, was the lead underwriter in Evergreen Solar's sale of $373.8 million in convertible notes in July. In a complicated financial transaction, the company lent a Lehman Brothers affiliate 30.9 million of its shares, which are slated to be returned to Evergreen Solar in July 2013.
Shares of Evergreen Solar fell nearly 28 percent yesterday, down $1.74 to $4.56.
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