NEW YORK – Norwegian electric vehicle maker Think Global AS has filed for bankruptcy protection in Norway, and a court-appointed trustee is expected to assume management over the company, the Wall Street Journal reported.
The bankruptcy filing doesn’t cover the Think North America business entity, which has a manufacturing plant in Indiana and offices in the Detroit area. However, the trustee will be in position to make decisions about that entity’s future.
News of the bankruptcy first surfaced when Think’s EV battery supplier, Ener1 Inc., filed a notice with the U.S. Securities & Exchange Commission indicating that Ener1’s major client Think was expected to liquidate after an “extended and ultimately unsuccessful search for long-term financing.”
New York-based Ener1 Inc. has informed investors that it expects to take a charge of about $35.4 million on unpaid loans and accounts receivable from Think Global.
Think North America’s plant in Elkhart, Ind., has reportedly halted production of the Think City electric vehicle because of a lack of delivered parts.