|Has obtained $6.0 million debtor-in-possession financing commitment to allow it to continue its operations uninterrupted during a court supervised 363 sale process|
LAKE FOREST, Calif., March 23, 2016 (GLOBE NEWSWIRE) -- Quantum Fuel Systems Technologies Worldwide, Inc. (“Quantum” or the “Company”) ( QTWW), a global leader in natural gas storage and delivery systems, integration and vehicle system technologies, today announced that that it filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Central District of California. The Company intends for the Chapter 11 filing to enable it to seek an acquirer through an expeditious 363 sale process.
The Company, subject to obtaining court approval, has secured a $6.0 million debtor-in-possession financing commitment from Douglas Acquisitions, LLC, an affiliate of existing second position secured creditors of the Company.
The Company has filed customary first-day motions with the Bankruptcy Court intended to support the continuation of its day-to-day operations for customers, employees, vendors and suppliers, and other business partners.