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The company made the voluntary decision so it could facilitate the sale processes to preserve jobs, ensure continued service, and maximize the value of its businesses, according to the company’s press release.
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The binding offer made by VDL Groep (Netherlands) and GRW (South Africa), a partner company of Schmitz Cargobull (Germany), enables a swift restart of the company, according to Van Hool officials.
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Cordes & Company, in its capacity as receiver of Lightning eMotors, entered into an Asset Purchase Agreement to sell substantially all of the assets of the company for $12.6 million in cash, subject to adjustment.
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The acquisition will add heavy-duty transit buses to Phoenix's existing product line of medium-duty shuttle and school buses.
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The move is an effort to strengthen its financial position through a recapitalization, or going-concern sale, according to the company.
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