Bankrupt Electric Car Co. Gets Nod On $5M DIP Loan

Law360, Wilmington (May 03, 2013, 5:10 PM ET) -- A Delaware bankruptcy judge on Friday gave interim approval to Coda Holdings Inc.'s $5 million debtor-in-possession facility, which the failed electric car marker will use to fund what it hopes will be a speedy sale of a repurposed company.

Los Angeles-based Coda entered Chapter 11 on Thursday with a restructuring support agreement that pledges a collection of prepetition lenders, led by a Fortress Investment Group LLC fund, to furnish the DIP package and serve as a $25 million stalking horse bidder at an auction early next...
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