Coda Holdings Files Chapter 11, Plans to Sell Automobile UnitOriginally published May 1, 2013 at 9:07 a.m., updated May 1, 2013 at 9:34 a.m.
Coda Holdings Inc., parent of the Los Angeles electric-car maker Coda Automotive, filed for bankruptcy protection on Wednesday.
A group of lenders, led by Fortress Investment Group, will seek to acquire the company for $25 million through the bankruptcy process, Coda said in a statement.
Coda Holdings will try to sell off Coda Automotive within 45 days so it can focus on its energy-storage business, Chief Executive Phil Murtaugh said.
Murtaugh said the plan "maximizes the value of its assets, serving the best interests of our stakeholders.”