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| ELECTRICS / HYBRIDS: - Vectrix to sell assets, file for Ch. 11[img]http://tinyurl.com/nxpd6z[/img][img]http://tinyurl.com/nn3urk[/img]; PIWYR NEWS: - USA: - a Middletown, R.I.-based maker | |
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| Tweet Topic Started: Wednesday, 30. September 2009, 01:45 (313 Views) | |
| Post #1 Wednesday, 30. September 2009, 01:45 |
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Vectrix to sell assets, file for Ch. 11 Vectrix Corp., a Middletown, R.I.-based maker of an all-electric, zero-emissions scooter, has agreed to sell most of its assets to New Vectrix LLC for a total of $5.1 million, and it has voluntarily filed for chapter 11 relief with the U.S. Bankruptcy Court. Vectrix (AIM: VRX) has developed a scooter that operates on a nickel metal hydride (NiMH) battery pack and, as of a July 2007 Mass High Tech article, had plans to make a two-wheeled vehicle running on fuel cell technology. The press release issued today indicated that the U.S. Bankruptcy Court would likely approve New Vectrix, a limited liability firm sponsored by GH Venture Partners LLC, or a company offering a higher bid for the purchase of Vectrix assets, including stock held in European subsidiaries of Vectrix. In the meantime, Vectrix customers can continue to get scooters, parts, accessories and service through the company’s subsidiary, Vectrix Poland Sp. Under terms of the asset purchase agreement, if New Vectrix wins the asset bid, they will pay a total of $5.1 million, consisting of $1.8 million in cash and $3.3 million in liabilities. Founded in 2006, Vectrix operated an engineering and test facility in New Bedford, a sales office in the U.S., and a manufacturing facility in Poland. In 2007, Vectrix launched in the U.S. its two-wheeled scooter, which uses a three-hour power charge off a standard 110-volt outlet and reaches speeds up to 60 miles per hour. :LINKS: :READING: [google]Vectrix Corp Bankruptcy[/google] [yahoo]Vectrix Corp Bankruptcy[/yahoo] [youtube]Vectrix Corp Bankruptcy[/youtube] [piwyr]Vectrix Corp Bankruptcy[/piwyr] |
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| Post #2 Wednesday, 30. September 2009, 04:17 |
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Bankrupt Vectrix to sell assets for $5M Posted Image Electric scooter manufacturer Vectrix Corp. on Monday said it has filed for bankruptcy protection after agreeing to sell most of its assets to a new company, New Vectrix LLC. Under the terms of the deal, New Vectrix will spend about $5 million for “substantially all” of Vectrix’s assets, paying $1.8 million in cash and taking on $3.3 million in liabilities. The agreement still has to be approved by a U.S. Bankruptcy Court judge. “This transaction provides a platform to continue the Vectrix brand and its advanced electric vehicle technology,” Mike Boyle, CEO of Vectrix, said in a statement. “We want to express our appreciation to our partners and customers for their continued patience and support during this transition.” New Vectrix is backed by GH Venture Partners LLC, a boutique investment bank in New York. It was incorporated in Delaware on Aug. 28, according to state records. Vectrix was founded in 1996 to develop and market zero-emissions scooters and other vehicles. In addition to its Middletown headquarters, the company has engineering and test facilities in New Bedford, sales offices in the United Kingdom and a manufacturing plant in Poland. Vectrix was hit hard by the recession and the credit crunch. The company laid off 60 employees in April, the same month trading in its shares was halted by the London Stock Exchange. Additional information is available at Vectrix.com. :READING: [google] New Vectrix LLC[/google] |
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| Post #3 Wednesday, 30. September 2009, 04:54 |
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Vectrix Files For Ch 11 Bankruptcy, Seeks October Auction Vectrix Corp. has filed for Chapter 11 bankruptcy with a $5 million offer for its assets, subject to higher bids at an auction the electric scooter company wants to hold next month. The New Bedford, Mass., company, is seeking an Oct. 29 auction, warning that it would "quickly run out of money" if a sale of its assets isn't closed quickly. Investment and financial advisory firm GH Venture Partners LLC and a unit of battery maker Gold Peak Industries (Holdings) Ltd. have teamed up to offer the leading $5 million bid, which includes $1.75 million in cash and up to $3.3 million in liabilities. The joint venture, through a company called New Vectrix LLC, is also offering Vectrix a $300,000 bankruptcy loan to help the company cover the costs of its bankruptcy and operations. Vectrix said the loan will help it ensure it can continue operating its business until a sale closes. Vectrix is proposing to put most of its assets on the block, including the patents, trademarks and licenses associated with the high-performance, zero-emission electric scooters it designs and sells. Also up for grabs are the Vectrix's shares in its European subsidiary. Under Vectrix's auction proposal, which is subject to bankruptcy court approval, New Vectrix is slated to receive a $125,000 break-up fee if its bid loses at auction. The auction timeline calls for rival bidders to submit their offers by Oct. 27, exceeding New Vectrix's bid by at least $500,000. The company is asking the bankruptcy court to consider signing off on the sale by Oct. 30. Founded in 1996, Vectrix initially began developing the technology it uses in its scooters, relying on equity financing to fund those efforts. Commercial production began in 2007, but the company lost money on sales of its scooters and continued to rely on equity financing for working capital. While Vectrix boosted its sales in 2008, it found itself facing "a significant lack of working capital" as the capital markets seized up and sales declined. For the rest of the year and into this year, Vectrix said banks were "reluctant" to fund an emerging company like itself, and financing for green technology companies "disappeared." As the company sought a buyer or merger partner, it also engaged in such cost-cutting measures as laying off all but essential staff. The company also ceased making payments to its board of directors as of January and to its president and chief executive as of July. In the Chapter 11 petition that Vectrix filed Monday with the U.S. Bankruptcy Court in Wilmington, Del., the company reported assets and debts in the range of $10 million to $50 million. Given its reliance on equity financing, Vectrix said it has little secured debt. The majority of its debt is unsecured, which Vectrix currently pegs at $26 million. Vectrix's Chapter 11 proceeding, numbered 09-13347, has been assigned to Judge Kevin Gross. [button=www.vectrix.com/]www.vectrix.com/[/button] |
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