Categories

A sample text widget

Etiam pulvinar consectetur dolor sed malesuada. Ut convallis euismod dolor nec pretium. Nunc ut tristique massa.

Nam sodales mi vitae dolor ullamcorper et vulputate enim accumsan. Morbi orci magna, tincidunt vitae molestie nec, molestie at mi. Nulla nulla lorem, suscipit in posuere in, interdum non magna.

U.S. EV maker Coda wins approval to sell assets to Fortress

DETROIT (Reuters) — U.S electric car maker Coda Automotive has won bankruptcy court approval to sell its assets for $25 million to a group of lenders led by Fortress Investment Group.

Under the deal, Fortress group will pay $1.7 million in cash, and the remainder will come by way of a “credit bid,” in which Fortress will bid for the assets of Coda using debt owed instead of cash.

Coda said in its May 1 bankruptcy petition that it is exiting the car business to focus on the development and sale of energy storage systems through its subsidiary Coda Energy.

“[The ruling] will allow us to emerge in a stronger position to develop our core technology, forge stronger relationships with our partners, and ultimately, enable us to execute our business plan in the growing energy-storage sector,” the company said in a statement.

Read more: http://www.autonews.com/article/20130612/COPY01/306129957#ixzz2W26qGaBO
Follow us: @Automotive_News on Twitter | AutoNews on Facebook

More autonews.com

Share

Leave a Reply