Electric Car Co. Files Ch. 11, To Sell Unit To Fortress

Law360, Chicago (May 1, 2013, 2:16 PM EDT) -- Electric-car maker Coda Holdings Inc. rolled into bankruptcy in Delaware on Wednesday with plans to sell its automobile assets to lenders led by Fortress Investment Group LLC, while shifting gears to concentrate on its energy-storage business.

The Los Angeles-based company — which sold less than 100 of the flagship sedans it debuted last year — listed assets of as much as $50 million and up to $100 million of debt in its bankruptcy petition.

Coda CEO Phil Murtaugh said in a statement that management and the...
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