Bankrupt electric vehicle manufacturer Lordstown Motors has proposed to pay nothing for Taiwan's Foxconn's preferred equity shares, saying it will prioritize other shareholders if an ongoing sales effort generates enough cash to repay other debts.
Lordstown Motors, named for the Ohio town where it is based, filed a Chapter 11 plan Friday in Delaware bankruptcy court, outlining how it intends to distribute proceeds from an ongoing effort to sell its assets. Lordstown's Chapter 11 plan warned that the value of its assets is "necessarily speculative" at this stage in the bankruptcy and "could potentially be zero.
"The company's shareholders would only be paid after its creditors and Lordstown's Chapter 11 plan did not include an estimate of how much creditors are owed. Lordstown reported in earlier court filings that it owed about $20 million to 30 trade vendors, and recently agreed to payEven if the sale generates enough money for a shareholder payout, Lordstown proposed to pay nothing to the 300,000 preferred equity shares held by its estranged former business partner Foxconn.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Britain's second-largest city effectively declares itself bankrupt amid $950 million equal pay claimsBritain’s second-biggest city effectively declared itself bankrupt on Tuesday, shutting down all nonessential spending after being issued with equal pay claims totaling up to £760 million ($956 million).
Leer más »
Strike deadline looms at General Motors, Ford and Stellantis given UAW's 'audacious' demandsThe demands that a more combative United Auto Workers union has pressed on General Motors, Stellantis and Ford — demands that even the UAW's own president...
Leer más »
Lucid Motors’ Tesla Model 3 Competitor In The Works, $50,000 Price TargetLucid Motors CEO Peter Rawlinson indicated that the brand aims to launch a $50,000 EV in the mid- to late-decade time frame.
Leer más »
Lucid Motors’ Tesla Model 3 Competitor In The Works, $50,000 Price TargetLucid Motors CEO Peter Rawlinson indicated that the brand aims to launch a $50,000 EV in the mid- to late-decade time frame.
Leer más »
I'm 76 and lost $200,000 in shares when a company went bankrupt. How do I minimize this capital loss?'I have enough in retirement funds --- over $500,000 --- to be very conservative now in my investments, without the potential of principal loss.'
Leer más »
UAW clashes with Big 3 automakersThe demands that a more combative United Auto Workers union has pressed on General Motors, Stellantis and Ford are edging it closer to a strike when its contract ends Sept. 14.
Leer más »