Foxconn EV System LLC Among LMC’s Largest Unsecured Creditors
LORDSTOWN, Ohio – The 30 largest unsecured creditors of Lordstown Motors Corp., which filed for Chapter 11 bankruptcy reorganization Tuesday, include Foxconn EV System LLC – the operator of the 6.2 million-square-foot plant here that LMC sold to Foxconn in May 2022 for $230 million.
Foxconn EV System LLC is owed $161,001.95. The trade payable claim is ranked 27th largest on the list of 30 largest unsecured creditors, which are owed a combined $19.4 million, court documents show.
In its Chapter 11 petition, Lordstown Motors listed assets of $452,312,000 and debts of $70,280,000.
Foxconn EV System LLC – Lordstown Motors’ landlord — was incorporated in November 2021 by Foxconn EV Technology Inc., another affiliate of Taiwanese Hon Hai, also incorporated in Ohio in October 2021. That same year Foxconn began discussions with LMC about acquiring the former General Motors Lordstown complex.
Lordstown Motors’ largest unsecured creditor is Teijin Automotive Technologies Inc. of Auburn Hills, Michigan, which is owed $2.083 million, according to court documents. Teijin designs and manufactures thermoset and thermoplastic composite parts, among them EV battery enclosure formulations, its website states.
ZF Passive Safety Systems US Inc. of Washington, Michigan, is the second-largest creditor, owed $1.98 million.
Third-largest creditor is Marelli North America Inc., a provider of driver technology based in of Tennessee, owed $1.6 million. It is followed by Greatech Integration of Malaysia, an automotive design and engineering firm owed $1.5 million.
In addition to Foxconn EV System LLC, two other Ohio-based companies are on the list of LMC’s 30 largest unsecured creditors.
- Harco Manufacturing Group LLC of Moraine owed $491,209.87.
- The Timken Corp., North Canton, owed $316,514.
A court hearing on first-day Chapter 11 motions is set for today in the United States Bankruptcy Court for the District of Delaware.
The hearing, before Judge Mary F. Walrath, will consider prepetition wages and compensation, employee benefits and incentive programs and other obligations during the normal course of business.
Hearings Start Today in Lordstown Motors’ Bankruptcy
In Wake of Chapter 11 Filing, Officials Envision Future Beyond Lordstown Motors
Affidavit: Foxconn’s Actions ‘Destroyed’ Lordstown Motors; Foxconn Responds
Lordstown Motors Files Chapter 11, Sues Foxconn for Fraud
Copyright 2023 The Business Journal, Youngstown, Ohio.