Electric car battery maker Ener1 Inc., whose subsidiary received a $118.5 million grant from the U.S. Department of Energy, on Thursday filed for Chapter 11 bankruptcy protection.
Electric car battery maker Ener1 Inc., whose subsidiary received a
$118.5 million grant from the U.S. Department of Energy, on Thursday filed for
Chapter 11 bankruptcy protection.
The Chapter 11 filing in the U.S. Bankruptcy Court in
Manhattan
is a
so-called prepackaged bankruptcy, which means Ener1 has secured the support of
most of its key creditors for a restructuring deal that will infuse it with up
to $81 million in new capital.
"The debtor believes that the restructuring of its debt and capital
structure will enable the businesses of its subsidiaries to continue without
interruption while enabling the debtor to provide the working capital these
businesses require," Ener1 said in court papers.
Ener1, through its subsidiaries, makes lithium-ion batteries that can be used
in electric vehicles, hybrid electric vehicles and grid storage applications.
In 2005, its subsidiaries began developing batteries for hybrid electric
vehicles in a program sponsored by
Detroit
's Big
Three automakers as well as a battery to be used in plug-in hybrid vehicles.
Ener1 is the latest green energy company supported by the Department of Energy
that has filed for bankruptcy. Others include solar-panel maker Solyndra LLC
and Beacon Power Corp. (BCONQ).
In January 2010, Ener1 subsidiary EnerDel received a $118.5 million grant from
the Energy Department to finance its
U.S.
battery plant capacity expansion. Under the grant, EnerDel can be reimbursed
for up to half of its investment in battery-manufacturing infrastructure. As of
Sept. 23, EnerDel received nearly $55 million in reimbursement from the Energy
Department.
EnerDel also has development contracts to create battery systems for the
Department of Defense's logistics combat support agency.
The company reported assets of $73.9 million and debts of $90.5 million in its
Chapter 11 petition.
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