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Sep. 17, 2013, 10:24 AM
- Electric car-charging company ECOtality (ECTY) has filed for bankruptcy protection, sending its shares plummeting 28.4%.
- Nissan (NSANY.OB) has agreed to provide a term loan of up to $1.25M at interest of 5% a year.
- ECOtality plans to use the money to operate until its assets have been sold in a bankruptcy auction.
- The Chapter 11 filing comes after ECOtality defaulted on a 2015 convertible loan.
- The bankruptcy is likely to stoke controversy given that ECOtality has received $96M of a $115M stimulus grant. (8-K)
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