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Phoenix Motorcars has responded to our request for information about the bankruptcy filing news we heard about earlier this week.
This email is written in response to questions we have received from Autoblog Green relating to our recent restructuring.In other news, Earth2Tech notes that the bankruptcy hearing scheduled for today is meant to, literally, keep the lights on and that Phoenix's battery partner, Altairnano Technologies, had to write down the value of Phoenix's stock on its books in early March. Thoughts?
Phoenix MC, Inc. is going through a restructure of which we plan to be very straight forward and short in nature. We have secured DIP financing and have a clear path in front of us.
We have not abandoned the alternative fuels transportation space.
We will have no further comments.
Daniel J. Elliott
Chairman & CEO
Phoenix MC, Inc.
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