New owner for electric vehicle manufacturer?
October 1, 2009
Filed under Features
Court records indicate there soon could be a new owner of Vectrix, the manufacturer of electric, two-wheeled vehicles.
Vectrix filed for Chapter 11 bankruptcy in September. According to court records, the company tried unsuccessfully to find a buyer and on July 30, made the decision to seek financial relief.
Vectrix later received bids to purchase substantially all of the corporation’s assets. The highest bidder was New Vectrix, a Delaware limited liability company sponsored by GH Venture Partners, a company founded in 1983 as an international private merchant-banking firm, according to its Web site.
Under the bid, New Vectrix would pay more than $5 million, including a cash payment of $1.75 million plus up to $3.3 million in liabilities. New Vectrix also has agreed to extend warranty coverage on Vectrix vehicles up to $2 million in claims.
Commenting on the potential sale in a press release, Vectrix CEO Mike Boyle said, “This transaction provides a platform to continue the Vectrix brand and its advanced electric vehicle technology. We want to express our appreciation to our partners and customers for their continued patience and support during this transition.”
- For more of the latest news, click here.
- To see the contents of the current print issue of PSB, click here.