U.S. electric car startup Coda Holdings Inc. filed for chapter 11 protection yesterday after selling just 100 of its all-electric sedans, Reuters reported yesterday. The bankruptcy filing will allow the Los Angeles-based company to exit 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 LLC plan 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.
