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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.

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