Ener1 Files for Bankruptcy, Wins $13.5M Interim Financing

U.S. Bankruptcy Judge Martin Glenn schedules a Feb. 27 hearing to consider confirming Ener1’s reorganization plan.

Published: 27-Jan-2012

INDIANAPOLIS -- Ener1 Inc., a maker of lithium-ion car batteries that filed for bankruptcy yesterday, won interim court approval to borrow $13.5 million to finance operations during its reorganization.

The company had sought permission to take $20 million from shareholder Bzinfin SA, controlled by Ener1 director Boris Zingarevich. U.S. Bankruptcy Judge Martin Glenn in Manhattan today refused to approve all of Ener1’s request.

“You have not persuaded me you should get $20 million today when the budget you presented shows a maximum usage of $13.5 million,” Glenn said. The judge scheduled a Feb. 27 hearing to consider confirming Ener1’s reorganization plan.

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