Another Deadline Extension to Buy Lordstown Motors’ Assets

LORDSTOWN, Ohio – Lordstown Motors Corp. has again extended the deadline to receive bids to buy all or part of its assets – a development published late Tuesday in a notice to U.S. Bankruptcy Court in Delaware.

Now all bids must be received by the close of business Thursday, Sept. 28.

On that same day, “or otherwise prior to the auction,” Lordstown Motors says it will notify all qualified bidders “of the highest or otherwise best qualified bid.”

And, if required, an auction for the assets will be held Sept. 29 at 10:30 a.m.

This marks the third time that Lordstown Motors has delayed the deadline for potential buyers to bid on its assets.

As of this posting, a court hearing on the sale remains on track for Oct. 18, with the closing set for Oct. 31.

In previous court filings, Lordstown Motors said it had received 13 indications of interest that could culminate in assets sales.

The EV startup filed for Chapter 11 bankruptcy protection on June 27. The case is being heard by Judge Mary F. Walrath.

Copyright 2024 The Business Journal, Youngstown, Ohio.