Coda Holdings Inc., parent of the electric-car maker backed by billionaire Philip Falcone, filed for bankruptcy and will seek to sell its assets to a group led by a Fortress Investment Group LLC (FIG) unit for $25 million.
The Los Angeles-based company, whose Coda Automotive unit also sought court protection, listed assets of as much as $50 million and debt of as much as $100 million today in the Chapter 11 filing in Wilmington, Delaware. The company said it intends to sell its assets within 45 days.
http://www.bloomberg.com/news/2013-05-01/electric-car-maker-coda-files-for-bankruptcy-to-seek-sale-1-.html
Third electric car company to go under this year.
The Los Angeles-based company, whose Coda Automotive unit also sought court protection, listed assets of as much as $50 million and debt of as much as $100 million today in the Chapter 11 filing in Wilmington, Delaware. The company said it intends to sell its assets within 45 days.
http://www.bloomberg.com/news/2013-05-01/electric-car-maker-coda-files-for-bankruptcy-to-seek-sale-1-.html
Third electric car company to go under this year.
