U.S electric car maker Coda Automotive has won bankruptcy court approval to sell its assets for $25 million to a group of lenders led by Fortress Investment Group, Reuters reported yesterday. Under the deal, Fortress group will pay $1.7 million in cash, and the remainder will come by way of a "credit bid," in which Fortress will bid for the assets of Coda using debt owed instead of cash. Coda said in its May 1 bankruptcy petition that it is exiting the car business to focus on the development and sale of energy storage systems through its subsidiary Coda Energy. The case is In re Coda Holdings Inc., Case No. 13-11153, U.S. Bankruptcy Court, District of Delaware.
