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Ecotality, Maker of Electric-Car Chargers, Files Bankruptcy (2) – Businessweek

Ecotality Inc. (ECTY) , a maker of charging stations for electric cars, filed for bankruptcy with plans to sell itself at a court-supervised auction to pay off debt.
A unit of the company, Electric Transportation Engineering, listed assets valued at as much as $50 million and debt of as much as $500 million in a filing yesterday in U.S. Bankruptcy Court in Phoenix. The company operates a network of electric-vehicle charging stations under the Blink brand name.
“While today’s bankruptcy filing is regrettable, it is a necessary step to ensure that we continue meet the needs of Blink customers and continue to operate the Blink network,” Chief Executive Officer Ravi Brar said in a statement.
In August, the company warned investors that it might be forced into bankruptcy, partly because of weaker-than-anticipated salesand a failure to release a new version of its Minit Charger this year.
More http://mobile.businessweek.com/news/2013-09-17/car-battery-maker-ecotality-seeks-auction-in-bankruptcy-1

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