Phoenix requested the emergency hearing related to a section of bankruptcy code (Section 366) dealing with utility service. The hearing is meant to do two things: deem the utilities “adequately assured” of Phoenix’s future performance, and set up procedures for working out “requests for additional assurance” (e.g., payment) — basically making sure the utility has reason to think it will be paid, eventually, so that it will continue service.
This email is written in response to questions we have received from Autoblog Green relating to our recent restructuring.
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.
Pretty disappointing. I hate seeing EV startups struggling like this, from Vectrix to Phoenix to Tesla. I hope they can recover.