Electric Car Maker Files for Bankruptcy Protection

LOS ANGELES — A green car start-up, Coda Holdings, filed for bankruptcy protection Wednesday after selling just 100 of its all-electric sedans. Enlarge This Image Coda Automotive The Coda E.V. has a range of almost 90 miles on a charge. The filing with the federal Bankruptcy Court in Delaware will allow the Los Angeles company to get out of the auto sector and refocus on energy storage, a far less capital-intensive business. The company uses the same technology it used in cars to build systems for utilities and building operators to store power. A group of lenders led by Fortress Investment Group plans to extend debtor-in-possession financing and will seek to acquire the company for $25 million through the bankruptcy process, Coda said in a statement. read more at: http://www.nytimes.com/2013/05/02/business/global/02iht-coda02.html?ref=bankruptcies