Coda Holdings, a US-based electric vehicle and battery system developer backed by Asian corporations, has entered bankruptcy as part of a sale process and plan to focus on stationary energy storage.

Alternative investments firm Fortress Investment Group through an affiliate is leading a consortium of lenders intending to provide debtor-in-possession financing to enable Coda’s energy storage business to remain fully operational during the restructuring process and that it would be the “stalking horse bidder in the sale process to acquire the company post-bankruptcy”. 

The automotive assets will be sold leaving Coda Energy as the remaining business after the company diversified two years ago through the acquisition of EnergyCS and joint venture with Chinese battery cell maker Tianjin Lishen to move into storage.

Law firm White & Case is counsel for Coda, with Emerald Capital Advisors as its restructuring adviser and Houlihan Lokey as investment bank for the restructuring.  Sidley Austin…

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