NU RIDE INC. (NRDE): going-concern / distress — Lordstown Motors bankruptcy plan confirmed; $45M claims reserve, new name Nu Ride

NU RIDE INC.

Bankruptcy court confirmed Chapter 11 plan on March 5, 2024; effective date pending satisfaction of conditions.
Claims reserve of $45M for general unsecured creditors, subject to increase up to $5M; $3M escrow for Ohio securities litigation.
Company to rename Nu Ride Inc.; current directors and officers (CEO Hightower, CFO Kroll, Exec Chair Ninivaggi) to depart on effective date.
New board selected by equity committee will appoint new CEO and president; NOL trading restrictions imposed on 4.5%+ holders.
As of Jan 31, 2024, $87.1M assets, $43.1M liabilities; 15.95M common shares and 300K preferred shares outstanding.

item 1.03 item 5.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

NU RIDE INC. entered chapter 11 in U.S. Bankruptcy Court for the District of Delaware (petition 2023-06-27).

Proceeding: chapter 11
Court: U.S. Bankruptcy Court for the District of Delaware
Petition: 2023-06-27

Exact text from the filing

on June 27, 2023 (the “Petition Date”), Lordstown Motors Corp., a Delaware corporation (the “Company”), and its subsidiaries (collectively, the “Debtors”), commenced voluntary proceedings under chapter 11 (“Chapter 11”) of the U.S. Bankruptcy Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”).

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NU RIDE INC. filing history →

Source: SEC EDGAR

accession 0001104659-24-031706

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