Lordstown Motor’s bankruptcy makes life harder on the upstart automakers still standing — but this hot glare of reality is exactly what the market needs.
As Lordstown Motors officially files for bankruptcy, the company also filed a complaint against Foxconn.
ELMS produced the Urban Delivery electric van, one of the first light-duty, fully electric vehicle meant for contractors, delivery workers, and more. On June 12, ELMS announced its plans to file for Chapter 7 bankruptcy.
The new bid values Hertz at $6.2 billion and would pay unsecured bondholders in full.
Hertz Global Holdings has considered selling it’s Donlen leasing business if it can get at least $1 billion and has several buyers interested in the fleet management company, chiefly private equity funds, according to a report from Bloomberg.
The settlement suspends litigation with debtors. Hertz agrees to pay $650 million and dispose of at least 182,521 leased vehicles by December 31.
A dragged-out post-lockdown recovery, a huge debt pile, and the potential for zero recoveries for unsecured creditors make the Hertz bankruptcy a likely liquidation, says Wall Street analyst Girish Bhise.
Hertz was advised by the SEC’s Division of Corporation Finance that it intended to review the plan, at which point the plan was suspended.
All of Hertz's businesses globally remain open. International operating regions including Europe, Australia, and New Zealand are not included in the bankruptcy, nor are Hertz's franchised locations.
Comcar Industries, the parent company for five national truck transportation and related services businesses, has announced its intent to sell its various operating companies, recently filling for Chapter 11 protection to facilitate these sales.
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