Electric Vehicles

EV Company Coda Files for Chapter 11 Bankruptcy Protection

May 01, 2013

Coda Holdings has filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. The company is exiting the automotive marketplace and plans to restructure to focus on the energy storage business. The company said it expects the bankruptcy process to take 45 days to complete.

"After concluding a comprehensive review of our strategic options, the Board of Directors, management team and senior lending group have concluded that focusing on the Company’s energy storage business presents the best opportunity moving forward,” said Phil Murtaugh, chief executive officer, Coda Holdings, Inc. “We believe the restructuring process that we have entered into today will enable the Company to complete a sale and confirm a Plan that maximizes the value of its assets, serving the best interests of our stakeholders.”

Coda stated it is already building and selling custom energy storage solutions based on its vehicle battery and thermal management systems. The company said its customers include commercial, residential, and industrial users.

FCO MA CODA Holdings LLC, an affiliate of Fortress Investment Group, said it will provide debtor-in-possession financing so the company can remain operational throughout the restructuring process.

Comment On This Story

Name:  
Email:  
Comment: (Maximum 10000 characters)  
Leave this field empty:
* Please note that every comment is moderated.

 

FleetFAQ

Fleet Management And Leasing

Merchants Experts will answer your questions and challenges

View All
 

Grants & Subsidies

Alternative Fueling Station Locator

Alternative Fueling Station Locator

Find your closest station or plan a route. Locate biodiesel, electric, ethanol, hydrogen, compressed natural gas (CNG), liquified natural gas (LNG), and propane across America.

Start Your Search