Evergreen Solar (ESLR) Warns Stockholders About Effects of a Restructuring

From the quarterly report filed yesterday:

Accordingly, the Company will continue to aggressively pursue opportunities to address its capital structure in the near term, including restructuring its existing debt, in order to significantly deleverage and better position it to secure additional financing and execute its strategy of developing and supplying the lowest cost industry standard sized wafers to the world’s leading solar panel manufacturers. As part of these restructuring efforts the Company has engaged legal and financial restructuring advisors, and is in discussions with holders of its outstanding convertible notes regarding the terms of a restructuring. The Company can make no assurances that it will be able to successfully restructure its debt, but its current expectation is that, in order to significantly deleverage its balance sheet, any restructuring will involve very significant dilution to the Company’s existing stockholders, leaving them with at most a very small percentage of the Company’s outstanding common stock.

That is what I have been saying all along.

I am surprised that the stock is not down more today. Why on earth would anyone buy it at any price?