Quantum Fuel Systems Technologies Worldwide filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Central District of California, case number 16-11202.
According to a corporate release, the Company intends to use the bankruptcy process to seek an acquirer through an expeditious 363 sale process. Pending Court approval, Quantum Fuel Systems Technologies Worldwide has secured a $6.0 million debtor-in-possession financing commitment from Douglas Acquisitions, an affiliate of existing second position secured creditors of the Company.
On March 15, 2016, the Company engaged Mackinac Partners as financial advisor to facilitate creditor negotiations and evaluate “all options that may be available to the Company.”
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