Lordstown Motors Files for Chapter 11 Bankruptcy in Delaware (1)

Lordstown Motors Corp. files for Chapter 11 bankruptcy protection in Delaware, according to a court filing.

• Estimated liabilities: $100m-$500m
• Estimated assets: $100m-$500m
• In a separate statement, Lordstown Motors announced a restructuring process
  • Starts comprehensive sale process for endurance truck and related EV Assets
  • Says co. is debt-free and continues to operate with “significant cash-on-hand”
  • Also filed litigation against Hon Hai Technology Group and some affiliates, including Foxconn Ventures
• NOTE: June 9: Lordstown to Sue Foxconn Over Stalled $47 Million Investment

(Updates with company statement from third bullet)

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Janine Phakdeetham in Bangkok at ...