AMERICAS DISTRESS DAILY: Battery Maker IM3NY Files Bankruptcy

IM3NY, which has sought to become a major US manufacturer of lithium-ion batteries, filed bankruptcy months after Australian securities regulators accused the firm’s majority owner of failing to disclose problems at a New York production facility.

IM3NY and affiliate Imperium3 sought court protection Monday in Delaware with the intention of selling the business or restructuring its finances. The Endicott, New York-based company “exhausted” all of its current funds after raising more than $70 million from investors and more than $100 million in debt, Imperium3 CEO Lukasz Cianciara said in a court filing.

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