The US Bankruptcy Court for theDistrict of Delaware has approved the retention of Heritage Equity Partners, toseek an immediate sale of Electric Mobile Cars, LLC (â€œEMCâ€). The courtalso approved a second round of funding for ch11 administration. EMC wasformed in 2010 to manufacture battery powered electric vehicles (BEVs) inDallas, Texas. A pre-production car was developed by modifyingâ€œoff-the-shelfâ€ chassis and drive train components, and using a nickel sodiumbattery. Numerous structural, body and chassis modifications/reinforcementswere made to the vehicle (known as a glider in the battery powered vehicleindustry) as per USA government crash test requirements. The final product (aBEV) is named EMC Model E36. Danny Astin of Ciardi, Ciardi & Astin,counsel for EMC explained â€œWe recommended Heritage Equity Partners to ourclient for this engagement due to their ability to bring all potential offersto the table, including buyers looking to restart closed downbusinessesâ€. The company filed for ch11 bankruptcy in September of2013, however due to lack of funding to continue development of the project, adecision was made to close the Dallas operation, and all assets have since beenmoved to Portland, Maine. Hank Waida, a Managing Director at HeritageEquity Partners, says that â€œThis is a unique opportunity to purchase assetsthat can be used to create a fleet of battery powered electric vehicles, or forresearch and development in the battery powered electric vehicle space. Key personnel are available to walk a buyer through acquisition and assembly ofall components needed to complete modifications.â€
Company Secretary, Stephen Rasche explained â€œWe are very impressed with themarketing efforts and level of interest generated at this point in theprocessâ€.
The auction will take place on April 9, 2014 at the offices of Ciardi, Ciardiand Astin in Wilmington, Delaware. All bids due by April 7, 2104.
Equity Partners, based in Easton, Maryland, specializes in brokering goingconcern sales of distressed businesses to maximize value for all stakeholders,preserve employment, and allow the community to continue to benefit from anoperating enterprise.