Wednesday, May 1, 2013

CODA Files For Bankruptcy

CODA is filing Chapter 11 bankruptcy "to complete a sale, confirm a Plan and emerge from bankruptcy in a stronger position to execute its new business plan.  The Company expects the sale process to take 45 days to complete."

In a statement posted on its website: "After concluding a comprehensive review of our strategic options, the Board of Directors, management team and senior lending group have concluded that focusing on the Company’s energy storage business presents the best opportunity moving forward,” said Phil Murtaugh, Chief Executive Officer, CODA Holdings, Inc.  “We believe the restructuring process that we have entered into today will enable the Company to complete a sale and confirm a Plan that maximizes the value of its assets, serving the best interests of our stakeholders.”

CODA formed CODA Energy two years ago and says that it is focusing its business strategy on the growing energy storage market. CODA's bankruptcy filing comes just weeks after Fisker's failure.