Fortress Strikes $25M Deal For Failed Electric Car Co. Coda

Law360, Wilmington (June 11, 2013, 11:14 PM EDT) -- Failed electric car maker Coda Holdings Inc. got the green light to sell the bulk of its assets for $25 million Tuesday after a Delaware bankruptcy judge approved the revised stalking horse bid from lenders led by private equity firm Fortress Investment Group LLC.

U.S. Bankruptcy Judge Christopher S. Sontchi agreed to sign off on the reworked offer after adjourning the sale hearing for four hours to allow outside parties to catch up on the extensive revisions to the purchase agreement, term sheet and restructuring support...
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