Bidding underway to acquire assets of Electric Last Mile Solutions
MISHAWAKA, Ind. (WNDU) - The Mishawaka plant where the civilian Hummer was once built could soon have a new owner.
The front runner appears to be a California-based company called Mullen Automotive.
According to court documents, Mullen Automotive has offered more than $93 million in cash and other consideration to buy the plant and most of the other assets of Electric Last Mile Solutions (ELMS) – the company that planned to build electric trucks in Mishawaka but ended up filing for bankruptcy in June.
The bankruptcy court in Delaware has scheduled an asset auction in the case for Oct. 7 and is considering a proposed asset purchase agreement with Mullen Automotive, which describes itself as an emerging electric vehicle maker.
Court documents do indicate that at least 39 other entities have expressed an interest in the possible purchase of assets.
“Our goal has been to help direct people into that process, but also help answer questions about the community because a lot of these are people not from this area,” says Jeff Rea, President and CEO of the South Bend Regional Chamber of Commerce. “It’s a state-of-the-art auto production facility, so I think there are automotive production people who think this could be a great asset. And it could be available at a fire sale because it’s going through bankruptcy.
“We’re optimistic that it will be purchased in bankruptcy here in the next few months,” Rea added. “We’d like that to mean that the buildings go back to productive use.”
Last month, Mullen Automotive bought a majority share of Bollinger Motors for $148 million. Bollinger Motors describes itself as an electric truck designer and developer.
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