Tuesday, May 7, 2013

Electric car company CODA files for bankruptcy

Electric car company CODA files for bankruptcy
Joseph Szczesny, the Detroit Bureau - 5p.m.

CODA holdings, parent of the electric car manufacturer by billionaire Philip Facone backed up, has filed bankruptcy and will try to sell their assets.

CODA holdings ended its automotive unit last year, after the failure of his promise of not 10,000 vehicles sell to make amends. The company sold fewer than 100 vehicles during 40 employees. It will instead focus on its energy-storage area, said Phil Murtaugh, Chief Executive Officer of the Los Angeles-based company in a statement.

The company introduced its five-passenger electric car in California with a range of 200 km with a charge a year ago. The $37.250-vehicle was based on a years vehicle design and was panned for its mild styling. She also suffered from a recall of defective airbags.

CODA to led a group of a fortress investment group to sell off its assets. The consortium of lenders said would debtor in possession financing to energy remain store company operating during the restructuring process to enable it.

CODA filed a motion with the bankruptcy court in Delaware to the approval of the consortium to acquire the company post-bankruptcy. In addition, the company will try to make its existing assets automotive business money.

"After a comprehensive review of our strategic options, Board of Directors. Management and senior lending group have concluded that focus presents energy storage company the best opportunity to move forward, "said Murtaugh.

"We believe that the restructuring process, which we received today allows the company to complete a sale, and one plan that maximized to confirm the value of his assets for the best interests of our stakeholders."

CODA diversified its business and CODA energy formed two years ago. CODA products energy are based on the same core technology.

CODA automotive listed assets of more than $50 million and liabilities of as much as $100 million in the chapter 11 bankruptcy application. The company said that it would separately trying to sell the unit within 45 days.

A US Congressional Committee investigated the Department of energy loans for alternative drive systems after several manufacturers of financial problems have plagued. Fisker Automotive fired three-fourths of the labor force last month and missed the first payment on a loan from the US Government and is thought to the insolvency, is considering, while for insolvency and liquidation last year given the financial difficulties bright automotive.

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