Quanergy Systems initiates sale process, files for bankruptcy protection
Dec. 13, 2022 7:39 AM ETQuanergy Systems, Inc. (QNGYQ)By: Mary Christine Joy, SA News Editor2 Comments
- LiDAR sensors and smart 3D solutions provider Quanergy Systems (OTCPK:QNGY) has initiated an orderly sale process for its business.
- The company has filed for bankruptcy protection and intends to pursue a sale of the business under section 363 of the U.S. Bankruptcy Code.
- Also, CEO Kevin Kennedy is set to retire, effective Dec. 31.
- Kennedy, to continue to serve as nonexecutive board chair, will transition executive leadership to a newly appointed chief restructuring officer and president, Lawrence Perkins.
- The company expects to continue operations during the bankruptcy process, seeking to complete an expedited sale process with the approval of the Bankruptcy Court.
- Source: Press Release