Lordstown Motors ex-CEO approved to buy company assets for $10 million
© Reuters. FILE PHOTO: Lordstown Motors logo and decreasing stock graph are seen in this illustration taken, May 2, 2023. REUTERS/Dado Ruvic/File Photo) received U.S. bankruptcy court approval Wednesday to sell its manufacturing assets to a new company affiliated with its founder and former CEO Stephen Burns for $10.2 million.
U.S. Bankruptcy Judge Mary Walrath approved the sale at a court hearing in Wilmington, Delaware, saying it was the best available offer. Lordstown Motors filed for bankruptcy in Delaware in June, seeking to wind down its business after failing to resolve a dispute over a promised investment from Taiwan's Foxconn, which had agreed to collaborate on the development of Lordstown's electric pickup truck after its purchase of Lordstown's manufacturing center.)'s iPhones, has argued that it was not required to make further investments in Lordstown after the automaker's stock fell below $1 per share.
Most of the purchased equipment is located at an Ohio manufacturing facility now owned by Foxconn, and Madden said LAS Capital will work with Foxconn to remove the machinery.
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