legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

LORDSTOWN MOTORS CORP. EXTENDS BID DEADLINE FOR ASSETS SALE

In a recent notice filed in Lordstown Motors Corp.’s Chapter 11 case, the troubled electric-vehicle company has announced its decision to push back the bid deadline for interested parties for the third time. The new deadline is now set for 5 p.m. today. The company also stated that it would notify all qualified bidders of the highest or best qualified bid before the scheduled auction at 10:30 a.m. on Friday. This comes after the previous bid deadlines on September 22 and September 18 were not met. Initially, a bid deadline of September 8 was approved by the Delaware U.S. bankruptcy court judge overseeing the case, but the company has the flexibility to modify dates as per the judge’s order.

The AI legalese decoder can play a vital role in helping interested parties navigate through the complex legal language and procedures involved in bidding on Lordstown Motors Corp.’s assets. With the extended bid deadline, potential bidders can utilize the AI legalese decoder to analyze and decode the legal documents and contracts associated with the assets, ensuring a better understanding of the terms and conditions. This AI-powered tool can provide valuable assistance in evaluating the assets, intellectual property rights, and employee qualifications, ultimately aiding bidders in making informed decisions.

Overview of Lordstown Motors Corp.’s Assets

According to Edward Hightower, Lordstown Motors President, the company’s assets primarily include the battery pack module and hub motor lines for their first vehicle, the battery-powered Endurance pickup truck. Additionally, the completed Endurance program, which encompasses full-vehicle certifications, the intellectual property associated with the vehicle, and the tools acquired for production, are also up for sale in the bankruptcy proceedings. Bidders who acquire these assets would gain access to the experienced employees involved in bringing the truck into production.

An attorney representing Lordstown Motors previously disclosed that 13 parties had expressed interest in acquiring some or all of the company’s assets. These parties included potential buyers interested in acquiring the company as a going concern, as well as those interested in acquiring specific components of the assets. Liquidators also showed interest in purchasing the assets, either through upfront cash payments or through shared participation in the proceeds from their sale.

Despite these developments, key dates such as the sale hearing on October 18 and the sale closing on October 31 remain unchanged. Furthermore, the previous deadline of August 24 for a stalking horse bidder to come forward has passed without any eligible bidder emerging. A stalking horse bid refers to the initial bid for a company’s assets, setting the minimum purchase price.

Lordstown Motors filed for Chapter 11 bankruptcy protection on June 27, and the upcoming auction presents an opportunity for interested parties to acquire the company’s assets and contribute to its future prospects and the electric vehicle industry as a whole.

legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Reference link