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ECOtality May Seek Bankruptcy Protection – Quick Facts

ECOtality Inc. (ECTY: Quote), a clean electric transportation and storage technologies company, announced that, although the company is currently exploring options for a restructuring or sale of the entire business and/or assets of the company, it may need to file a petition commencing a case under the United States Bankruptcy Code as part of any such process or otherwise in the very near future.

The company stated that its board has retained FTI Consulting, as a restructuring advisor, reporting directly to the Board. FTI’s primary responsibilities will be to evaluate capital structure alternatives and identify additional sources of financing, execute profitability improvement alternatives, undertake cost cutting measures, develop and execute plans to improve liquidity against existing assets, identify ongoing personnel requirements and appropriate retention or incentive plans, and facilitate the possible sale of the Company or its assets. FTI’s engagement agreement is yet to be finalized.

The company noted that it has experienced certain material adverse developments that in the aggregate significantly impact its ability to meet its ongoing obligations and to fund anticipated operating losses.

The company added that it has been unable to obtain additional financing. The firm said it actively pursued a number of options to secure additional capital. However, the company learned on August 8, 2013 that financing that was being pursued from an existing investor would not be forthcoming. The company stated that it continues its efforts to obtain additional capital but there can be no assurances that such financing will occur on reasonable terms, or at all.
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