Lordstown Motors files Chapter 11 plan to subordinate Foxconn equity, preserve causes of action

NU RIDE INC.

Debtors filed Joint Chapter 11 Plan and Disclosure Statement on Sept 1, 2023 in Delaware Bankruptcy Court.
Plan subordinated Foxconn equity interests to those of other Class A common stock holders.
Preserved causes of action against Foxconn to be pursued post-effective date.
General unsecured trade claims to be funded from cash pool; other assets distributed by priority.
Company warns that outstanding Class A common stock may have little or no value; trading is highly speculative.

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