Electric-Car Maker Coda Files for Bankruptcy to Seek SaleCoda Holdings Inc., parent of the electric-car maker backed by billionaire Philip Falcone, filed for bankruptcy and will seek to sell its assets to a group led by a Fortress Investment Group LLC (FIG) unit for $25 million. The Los Angeles-based company, whose Coda Automotive unit also sought court protection, listed assets of as much as $50 million and debt of as much as $100 million today in the Chapter 11 filing in Wilmington, Delaware. The company said it intends to sell its assets within 45 days.

Coda Holdings Inc., parent of the electric-car maker backed by billionaire Philip Falcone, filed for bankruptcy and will seek to sell its assets to a group led by a Fortress Investment Group LLC (FIG) unit for $25 million.

The Los Angeles-based company, whose Coda Automotive unit also sought court protection, listed assets of as much as $50 million and debt of as much as $100 million today in the Chapter 11 filing in Wilmington, Delaware. The company said it intends to sell its assets within 45 days.

Coda’s bankruptcy is at least the third by an electric vehicle-related company in just over a year. A123 Systems Inc. (AONEQ), a battery supplier to Fisker Automotive Inc., another California-based maker of electric cars, filed for bankruptcy in October. Ener1 Inc., also a maker of batteries for electric cars, entered bankruptcy in January 2012. 

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