Battery startup Xtreme Power based in Lyle, Texas, filed for chapter 11 protection on Thursday, GreenTechMedia.com reported today. Xtreme plans to “continue its operations at all locations as it begins a process to identify an acquirer,” according to the company, with general creditors providing financing. The company's core engineering, project development and operations staff will remain in place during this process. CEO Alan Gotcher stated that the bankruptcy filing has been “structured to allow one of the company's creditors to file a stalking-horse bid” if competing bids don't emerge by the end of February. He added that Xtreme has a pipeline of business in excess of $100 million and letters of intent for another $65 million of new business, and projects earnings before interest, taxes, depreciation and amortization would reach break-even later this year.
