Nikola hopes to transport electric trucks to sell the remaining entire work in the early April, the company’s lawyers told the judge on Thursday during the hearing of the first bankruptcy case in Dilayer.
Lawyers claimed that Nicolas already had at least three buyers interested (who did not mention) and that the company hopes to seek other quotes, with a final date passed in late March.
If Nicolas can not find a buyer ready to take the entire company, the company will be in place to sell its assets in parts in an attempt to satisfy more than a billion dollars of obligations. (Nicolas demands between $ 500 million and $ 1 billion in assets.)
The session was held just one day after Nicolas requesting to protect from bankruptcy, Chapter 11, and announced that it was no longer operating as an independent company, as it put an end to a company that was afflicted with drama after its founder Trevor Milton was condemned for securities.
Nicola was trying to sell herself for several months, as some early bankruptcy files and lawyers appeared.
In an author’s announcement, CEO Stephen Jersaki said that Nicolas worked with Goldman Sachs and asked 22 potential arms in logistical spaces to manufacture trucks and transport. Two “international cars
The manufacturers expressed his interest “in a deal, According to Jersky. One set out. Nicolas also exchanged “different periods of time” with the other until this party also moved away in late 2024.
After that he failed, Nicolas worked with the law firm Hollehan Loki to request 24 financial investors in order to “measure the potential attention in both independent investment and investment along with a possible strategic partner.” Nevertheless, the reactions were that it would require a lot of money to transfer Nicolas emerging, according to Jersaki.
In December 2024, Nicolas ended in discussions with an “international vehicle manufacturer” about the possible acquisition, with what Jersaki described as “great due care” over a period of four weeks. But the potential buyer “moved away in the end”, which Gearski noticed that he was “a disappointing conclusion.”
Now at bankruptcy, Jersaki told the court that Nicolas in “active discussions with at least three” are interested in buying the company directly, and that it is also marketing some of its highest value for potential sales, such as the factory in College, Arizona.
Chance Coleman, a lawyer who represents Nicolas in the bankruptcy case, said he expected the case and the sale to be “calm and smooth.”
Joshua Morse, the other lawyer who represents Nicolas, said on Thursday that Nicolas will continue to seek interest until about 27 March, the first proposal date for a date to give the tender. Depending on how this process is going, there can be a contract auction on about 31 March. A listening session will be possible for any possible sale in the second week of April, with the transaction closed shortly after.
Morse also said during the hearing that the interest received from potential buyers had only escalated since the company applied to protect bankruptcy.
“He tends to crystallize the market,” bankruptcy judge, Thomas Houran.
There was a minimum dispute during the session, mostly about the speed of the bankruptcy issue. Nicolas wants to move quickly because it includes only about $ 47 million in cash. Timothy Fox, the trial lawyer for the United States Secretary Office, who supervises bankruptcy procedures, said he wanted to make sure that he has enough time to meet Nicolas creditors.
No decision was taken during the timing hearing, but Nicolas found support for a quick operation by a stranger: a group of shareholders who filed a lawsuit against the company for more than four years.
The prosecutors on this case were granted the case of the collective case only last month, and Nicolas agreed to settle the lawsuit shortly before the bankruptcy. These are the fourth largest claiming to the creditor in Nicolas bankruptcy thanks to this settlement, as it totaling about 13 million dollars.
“It is necessary for our customers to move this case quickly.”
“We think it’s a melting ice cube,” said Parsaluna.