---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-23-098373"
form_type: "8-K"
ticker: null
cik: "0001698113"
company_name: "ID Auto, Inc."
filed_at: "2023-12-26T23:59:59+00:00"
generated_at: "2026-06-07T07:23:25.337065+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# PARTS iD files for Chapter 11 bankruptcy; enters DIP financing with Fifth Star for up to $12M

## Summary
- Filed voluntary Chapter 11 petitions on Dec 26, 2023 in Delaware bankruptcy court.
- DIP credit facility provides up to $12M new money plus roll-up of existing $3.3M bridge loans.
- Prepackaged reorganization plan filed; Plan Sponsor Fifth Star to purchase $26M new preferred equity.
- Plan proposes cash and equity distributions to secured creditors; common stock holders expected to receive nothing.
- Bankruptcy automatically accelerates all existing note obligations; enforcement stayed under Chapter 11.

## SEC filing metadata
- accession: 0001213900-23-098373
- form_type: 8-K
- cik: 0001698113
- company_name: ID Auto, Inc.
- filed_at: 2023-12-26T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 1.03, 2.03, 2.04, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1698113/000121390023098373/0001213900-23-098373-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1698113/000121390023098373/ea190552-8k_partsid.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-098373
- JSON: https://secwatch.observer/filing/0001213900-23-098373.json
- Plain text: https://secwatch.observer/filing/0001213900-23-098373.txt

## Key facts
- Debt Financings
  ID Auto, Inc. faced acceleration on loan maturing immediately due and payable.
  - Instrument: loan
  - Maturity: immediately due and payable
  - Event: acceleration
  source text: The commencement of the Chapter 11 Cases described in Item 1.03 above constitutes an event of default that accelerated the Company’s indebtedness owed pursuant to the promissory notes issued under the Lind Agreement and that certain (i) Note and Warrant Purchase Agreement, dated as of March 6, 2023, by and between the Company and the purchasers party thereto, (ii) Note and Warrant Purchase Agreement, dated as of May 19, 2023, by and between the Company and the purchasers party thereto, (iii) Note and Warrant Purchase Agreement, dated as of June 14, 2023, by and between the Company and the purchaser party thereto, (iv) Note and Warrant Purchase Agreement, dated as of July 13, 2023, by and between the Company and the purchasers party thereto, (v) Note Purchase Agreement, dated as of October 9, 2023, by and between the Company and the purchaser party thereto, (vi) Note Purchase Agreement, dated as of November 2, 2023, by and between the Company and the purchaser party thereto and (vii) No
  evidence_url: https://www.sec.gov/Archives/edgar/data/1698113/000121390023098373/0001213900-23-098373-index.htm
- Distress & Bankruptcy
  ID Auto, Inc. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2023-12-26).
  - Proceeding: chapter 11
  - Court: United States Bankruptcy Court for the District of Delaware
  - Petition: 2023-12-26
  source text: on December 26, 2023 (the “Petition Date”), the Debtors filed voluntary petitions (Case Numbers. 23-12098 and 23-12099) (the “Chapter 11 Cases”) for relief under Chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1698113/000121390023098373/0001213900-23-098373-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.