- Mar 12, 2011
UK electric truck maker Modec falls into administration
UK-based electric commercial truck producer Modec is suffering from "severe cashflow difficulties." Modec had been discussing a takeover with its U.S.-based partner Navistar, but talks ended in late February and no deal was made. Modec's financial troubles are apparently so severe that the electric truck maker had no options left and was forced to enter administration, which basically means that an administrator is called in to attempt to save the company.
In Modec's case, representatives from the Zolfo Cooper firm were appointed as the joint administrators. Zolfo Cooper immediately slashed Modec's workforce in half and is actively seeking a buyer for the electric truck maker. Ryan Grant, a Zolfo Cooper partner, stated that the administrators are "examining all possible options for the future of the business." Interested in owning Modec? Got loads of cash? Zolfo Cooper asks that potential buyers direct inquiries to this email.
[Source: Birmingham Post via Green Car Congress]