28 Mar '12, 1pm

Another electric vehicle company bites the dust: Azure Dynamics files for bankruptcy protection:

Azure Dynamics Announces Commencement of CCAA Proceedings Previously Announced Offering of Units to be Abandoned Burnaby, BC – March 26, 2012 – – Azure Dynamics Corporation (the "Company" or "Azure") (TSX: AZD)(OTC: AZDDD), a world leader in the development and production of hybrid electric, and electric components and powertrain systems for commercial vehicles, today announced that the Board of Directors of the Company has authorized the filing of a Petition in the Supreme Court of British Columbia for an Initial Order under the Companies' Creditors Arrangement Act (the "CCAA"). The Company expects that the Initial Order will provide for a stay of proceedings while the Company and its subsidiaries pursue restructuring alternatives under CCAA protection. The Board of Directors of the Company has also authorized the filing of a voluntary petition under Chapter 15 of title 1...

Full article: http://green.autoblog.com/2012/03/28/azure-dynamics-files...

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