Motorcoach

Krystal enters pre-arranged Chapter 11, will emerge with all-electric vehicles

Posted on December 2, 2010

Brea, Calif.-based Krystal Koach Inc. announced it is selling substantially all of its assets and operations to a strategic partner along with an existing investor through a pre-arranged voluntary Chapter 11 bankruptcy filing.

All operations, including manufacturing, sales and warranty support, will continue to operate as usual during the reorganization, company officials said.

Krystal Koach Inc. reported it has entered into an asset purchase agreement with Krystal Infinity LLC. Krystal Infinity LLC is an affiliate of publicly traded Thunder Sky Battery Ltd. a Hong Kong-based manufacturer of Thunder Sky Rare Earth Lithium-Ion batteries and affiliated products for the automotive industry. Krystal has reached an agreement with its major creditor and with Thunder Sky Battery Ltd. to allow for an efficient process.

Krystal's CEO Ed Grech will remain a major shareholder and CEO after the sale, with the company arranging for a debtor in possession financing facility with an affiliate of the purchaser to ensure that Krystal can manufacture and deliver vehicles through the sale process. Krystal is expected to emerge from Chapter 11 sale process in 60 to 75 days, according to Grech.

"The entire Krystal team is excited about the prospect of quickly implementing the sale through the Chapter 11 process, which will allow us to emerge within two months as a company with rock solid financial footing. Further, our partnership with Krystal Infinity, LLC allows us to continue our legacy of innovation by bringing the first battery powered vehicles to our market'' he said.

Along with the news, Krystal also announced the impending release of two new all-electric vehicles — the T.S. Luxury Electric Vehicle and the Krystal EV Bus.

The T.S. is an all-electric four passenger ultra-luxury sedan based on a heavily modified SUV chassis. The completely re-configured drivetrain is powered by Thunder Sky Rare Earth Lithium Ion batteries and a UQM Brushless Permanent Magnet motor.

The model is in the final design stages. A fully functioning prototype was successfully demonstrated and displayed earlier this month at "EVS 25", the World Battery, Hybrid and Fuel Cell Electric Vehicle Symposium and Exhibition in Shenzhen, China. Full production is expected in first quarter 2011.

Meanwhile, the EV bus, currently under development and slated for a mid-2011 production start, is based on the International 4000 Series chassis. This long-running Krystal favorite has been redesigned with an all-electric drive system including two Siemens motors, a Flender Combining Gear Box, long range Thunder Sky Rare Earth Lithium Ion batteries, and the Carrier Advantac All-Electric Air Conditioner.

The 27,500-pound Krystal EV Bus will be offered with a 102-inch wide body and seating to accommodate up to 38 passengers.

View comments or post a comment on this story. (0 Comments)

More News

ABC delivers 17 Van Hools to Texas, New Orleans

Euless, Texas' Roadrunner Companies added eight TX45s, while New Orleans' Hotard Coaches added nine TX45s.

CH Bus delivers Temsa TS35 to Ky.

R&R‘s new coach is seated to 38 passengers and is utilized for a variety of groups such as corporate events, weddings and tours.

MTR Western deploys Lytx DriveCam safety program across entire fleet

The Lytx DriveCam Program helps prevent collisions, reduce injuries and save lives by combining video with predictive analytics, real-time driver feedback and coaching, empowering fleets to identify and correct driving behaviors that could lead to collisions.

IMG names STARR Bus Charter & Tours Operator of the Year

Each year, IMG shareholders recognize one of their own for this honor, based on a criterion of operational excellence, safety performance, best practices, community and motorcoach industry involvement, and engagement within the International Motorcoach Group.

Princeton ticketing motorcoaches for not parking in designated area

The buses often block visibility on Nassau Street, idle on side streets and in residential neighborhoods, or drive around town until it is time to pick up visitors after their tours of Princeton University.

See More News

Post a Comment

Post Comment

Comments (0)

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The resource for managers of class 1-7 truck Fleets

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

LCT Magazine

Global Resource For Limousine and Bus Transportation

Please sign in or register to .    Close