Friday, April 19, 2024

Huge "car company" blames others for bankruptcy

The Stellantis and General Motors-backed charging operator Charge Enterprises has gone bankrupt this week.

Charge Enterprises – led by former Ford people – and backed by both General Motors and Stellantis have gone bankrupt.

The bankruptcy petition has been filed under the so-called 'chapter 11 bankruptcy'. In Denmark, this would roughly correspond to a company going into receivership.

However, all hope is not lost for Charge Enterprises, even though they have now informed the American judiciary that there is not enough money in the company to pay bills, wages and creditors.

Bloomberg writes that.

READ ALSO: Danish ban causes demand to increase by 700 percent

With the bankruptcy petition, the charging operator gets the opportunity to reconstruct the company. But even that is no guarantee of survival.

At the partner Stellantis, which is the world's fourth largest car group, they have just joined Tesla's so-called NACS charging standard.

Even though Charge Enterprises last year installed 2,600 charging stands outside American retailers of Stellantis' brands.

The plan is now that Charge Enterprises will let the ownership pass to the company's biggest creditor – the investment company Arena Investors.

According to Automotive News, Charge Enterprises is blaming the bankruptcy on investment advisory firm Korr Acquisitions Group Inc. Here, the charging operator believes it has around 10 million dollars, equivalent to 68 million kroner, to its credit.

But when the charging operator had to use the money, it turned out that it had been channeled on to other advisers' companies.

The bankruptcy is just the latest in and around the automotive industry. Another company that recently had to shut down completely is the electric car brand Lordstown. Read more about it here .

Read more news from and about the world of cars right here


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