Filed under: EV/Plug-in, Legislation and Policy, On Two Wheels, Vectrix
Vectrix scooter - Click above for high-res image gallery
Vectrix has officially filed for Chapter 11 bankruptcy protection. Much like what recently took place with General Motors and Chrysler, the old company will be purchased by an entity called New Vectrix LLC in relatively short order unless another interested party comes along and presents a better offer to the bankruptcy judge. Production of the electric scooter in Poland isn't expected to be affected.
Says the company: "The total purchase price consists of a cash payment of $1,750,000 plus the assumption of up to $3,306,000 in specified liabilities for a total purchase price of up to $5,056,000." We're not exactly experts on the subject, but a bit over $5 million doesn't seem like too bad a deal for a ready-to-go electric vehicle manufacturer.
Interested? Find all the details in the press release pasted after the break. Thanks for the tip, Giuliano!
[Source: Vectrix]
Continue reading Vectrix officially files for bankruptcy, plans to stay in business
Vectrix officially files for bankruptcy, plans to stay in business originally appeared on Autoblog Green on Tue, 29 Sep 2009 16:05:00 EST. Please see our terms for use of feeds.
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