Attorneys say CODA bankruptcy issues resolved

May 29, 2013 by Randall Chase

(AP)—Attorneys in the bankruptcy case of failed electric car maker CODA Holdings say they have resolved several objections to the company's financing and sale plans.

After meeting behind closed doors for several hours Wednesday, attorneys told a Delaware bankruptcy judge their agreements will allow the case to move forward.

Attorneys for the U.S. trustee and CODA's official creditors committee had argued in court papers last week that CODA's proposed bankruptcy financing and sale plans unfairly benefit a group of , led by an affiliate of Fortress Investment Group, who are seeking to acquire the company for $25 million.

A key agreement reached Wednesday provides for $1.5 million to be paid to unsecured creditors in dividends and expense reimbursements for the creditors committee, while potentially sharing in proceeds from possible litigation.

Explore further: Glass maker deals to exit Apple, Arizona plant

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Electric car maker CODA files for bankruptcy

May 01, 2013

Electric car maker CODA Holdings Inc. filed for bankruptcy protection Wednesday after selling just 100 cars and said it plans to quit the auto business altogether.

A123 bankruptcy financing gets final approval

Nov 26, 2012

(AP)—A Delaware judge is giving final approval for Chinese auto-parts maker Wangxiang Group to provide $50 million in bankruptcy financing for battery maker A123 Systems.

Director Cameron's company files for bankruptcy

Sep 11, 2012

(AP)—The digital production company founded by "Titanic" director James Cameron has filed for bankruptcy protection in the U.S. and Canada and reached a deal to sell its operating business to a private investment firm for ...

Recommended for you

Glass maker deals to exit Apple, Arizona plant

52 minutes ago

Nearly 2,000 furnaces installed in a factory to make synthetic sapphire glass for Apple Inc. will be removed and sold under a deal between the tech giant and the company that had been gearing up to produce huge amounts of ...

A blue Christmas for Amazon?

10 hours ago

It might be a blue Christmas for Amazon. The world's largest retailer gave a disappointing forecast for the crucial holiday quarter. The company also reported a wider loss than analysts expected for the third ...

User comments : 0