Details are still very sketchy, but it appears that Phoenix Motorcars filed for Chapter 11 bankruptcy on Monday, April 27th. Not surprisingly, the global economic downturn is cited as one of the main reasons for the filing, but another major contributing factor was a recent $5.3 million arbitration apparently won by former drivetrain supplier UQM.
We've placed two separate calls with Phoenix Motorcars, which have so far gone unanswered. If we do happen to hear something back, we'll be sure to share it with our readers, but we're not holding our breath. UPDATE: Phoenix sent us a message.
Assuming this is all accurate, which does seem to be the case, we're not terribly surprised by the news. Still, we hope that the struggling automaker is somehow able to land on its feet. Thanks for the tip, Brian!
[Source: Central District of California Bankruptcy Court - PDF link]