Azure Dynamics Files for Bankruptcy Protection in Canada

By · March 28, 2012

Azure Dynamics Ford Transit Connect

Canada-based Azure Dynamics, a developer and manufacturer of hybrid and electric vehicle components and commercial vehicles, is filing for financial protection under Canada's federal Companies’ Creditors Arrangement Act (CCAA). Similar to Chapter 11 bankruptcy in the US, financially troubled Azure Dynamics hopes to "restructure" its "financial affairs" to avoid outright bankruptcy.

Azure Dynamics is the manufacturer of the electric Ford Transit Connect, as well as several electric-drive systems for commercial-duty hybrid and electric vehicles, including Ford’s E450 Cutaway and Strip Chassis trucks.

The CCAA affords corporations with an opportunity to avoid bankruptcy and allows creditors to receive some payment for amounts owed. In addition, Azure Dynamics has authorized the filing of a voluntary petition under Chapter 15 of title 11 of the US bankruptcy code for protection in the United States.

The electric version of the Ford Transit Connect, first trumpeted by Ford as breakthrough innovation brought to a small delivery vehicle, has been treated as an afterthought in the past year. Very few have been made, and there's been little news. It's uncertain how Azure Dynamics will affect future production.

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