Content area
Full Text
Azure Dynamics, which counts Ford Motor Co. as its biggest customer, has filed for bankruptcy protection in the U.S. and Canada. The filing followed a rejection by the Ontario Securities Commission (OSC) for a public stock offering that would have raised needed capital for operations, Mike Elwood, vice president-marketing, told Fleet Owner.
"We had run out of options, so the board of directors" chose this route, Elwood added. "This is the first step to a reorganization. We're very confident" that Azure will emerge from bankruptcy as a stronger company.
Elwood said the company hopes this process is a short-term issue. "We have a vibrant, strong order book; a good product," he said. "Realistically, we want to turn this around quickly because we don't want to be out of the market too long."
Azure, which makes hybrid electric and electric powertrain solutions and supplies the system that powers the Ford Transit Connect Electric, among other vehicles, closed three of its four facilities last week, including in Oak Park, MI, as part of the bankruptcy process and laid off 120 employees, according to news reports. Elwood said the company's lone remaining facility is at its home base in...