30 Mar '12, 11pm

EnerDel parent Ener1 completes financial restructuring and emerges from Chapter 11

EnerDel parent Ener1 completes financial restructuring and emerges from Chapter 11 30 March 2012 Ener1, Inc., the parent of lithium-ion battery maker EnerDel, has completed its financial restructuring and emerged from Chapter 11 bankruptcy as a privately-held company. On 26 January, the company had filed a pre-packaged bankruptcy case to implement a restructuring plan agreed on by its primary investors and lenders. (Earlier post. ) The US Bankruptcy Court in the Southern District of New York confirmed the Plan of Reorganization on 28 February; the Plan became effective on 30 March 2012. We have emerged from bankruptcy with significantly less debt, more working capital and a stronger financial position to enable us to compete more effectively in pursuing business opportunities to provide energy storage solutions for electric grid, transportation and industrial applications....

Full article: http://www.greencarcongress.com/2012/03/ener1-20120330.html

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