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Bankrupt ZPower Seeks Lifeline After Spat With Apollo’s MidCap

March 19, 2020, 6:16 PM

Battery maker ZPower LLC is reaching out to existing investors for a lifeline, arguing a battle with a direct lending arm of Apollo Global Management Inc. pushed it into bankruptcy.

The borrower is looking to access as much as $3 million in debtor-in-possession financing on an emergency basis so it can continue to fund payroll while it reorganizes. A Texas judge is set to decide on the motion Thursday.

In court documents Wednesday, ZPower said middle-market lender MidCap Financial Services LLC took cash from the borrower’s accounts to pay down debt “without warning and wrongfully” and refused to release it...

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