Reports a $6 Million Debtor-in-Possession Financing Commitment
And Says It Hopes to Find a Buy via ‘an Expeditious 363 Sale Process’
Quantum Fuel Systems Technologies Worldwide has filed for Chapter 11 bankruptcy protection “to enable it to seek an acquirer through an expeditious 363 sale process.”
Quantum also said last week that, subject to court approval, its has secured a $6.0 million debtor-in-possession financing commitment from Douglas Acquisitions an affiliate of existing second position secured creditors.
Quantum produces Q-Lite brand lightweight Type IV CNG cylinders and uses them in CNG tank assemblies for trucks and in new “virtual pipeline” trailers for CNG transport. The firm said earlier in the month that it had defaulted on a key, $2.7 million loan (F&F, March 16).
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Source: Quantum with Fleets & Fuels follow-up