Think Global might be rescued from bankruptcy by BD Otomotive

Article by Christian A., on July 6, 2011

BD Otomotive, an investment group based in Turkey, disclosed in a statement that it is in advanced discussions to bring Think Global AS, a small manufacturer of electric vehicle, out of bankruptcy.

Aside from that, the investment group’s chairman, Osman Boyner, stated that the company also intends for the automaker to manufacture affordable urban EVs for Europe as it was always designed to be.

With the group’s sales network and manufacturing capabilities combined with a core group of retained Think talent in Norway, Boyner said that they aim to launch new platform as well as next-generation vehicles if they are successful in the negotiations.

According to the statement, BD Otomotive has completed its due diligence on the negotiations and has obtained its board’s approval to complete the transaction.

Last June 22, Think filed for bankruptcy after struggling to continue its operations through recapitalization and restructuring. This is the fourth time that Think has financially collapsed in its 20-year history. Thommessen, a commercial law firm based in Oslo, has been appointed by the court to control Think.

This court-appointed trustee is also handling the negotiations with BD Otomotive, which owns and operates production plants in Italy and Turkey that help convert fuel-powered light commercial vehicles into EVs.

Moreover, BD Otomotive produces automotive battery packs. It also has a recycling plant for lithium ion and other industrial batteries.

Furthermore, it has invested in EV charging infrastructure as well as owns and operates charging stations all over Turkey. The investment group is also a distributor of plug-in hybrids from Fisker Automotive.

Topics: bankruptcy

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