Electrovayas German subsidiary, Litarion GmbH, has commenced a voluntary structured insolvency process.
The process is expected to result in the appointment of a provisional receiver/liquidator of Litarion and its property by the German court, a press release reads.
As previously reported by the company, Li-Tec Battery GmbH, the owner of the premises occupied by Litarion, notified the company that it would terminate the lease as at January 31, 2018 unless certain conditions were met. While the Litarion intended to maintain the lease, the companys cash flow was materially negatively impacted by the demands and garnishment processes initiated against it by the landlord.
With support from Electrovaya, Litarion attempted to resolve the dispute …
Read the full article at: http://evertiq.com/news/43444
