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ELECTRIC VEHICLE MAKER THINK FILES FOR BANKRUPTCY
OSLO, Norway (June 22nd, 2011) – THINK Global today filed to the Norwegian court for a bankruptcy order. Under the country’s bankruptcy laws, a court-appointed trustee will immediately take over the short-term operation of the Oslo-based company.
The Board of Directors of THINK Global authorised filing for bankruptcy in order to protect the company’s creditors. The trustee will be responsible for management of the company’s assets.
THINK has a wholly owned subsidiary in the U.S. called THINK North America (TNA) based in Dearborn, Michigan. The future disposition of TNA will be determined by the trustee.
Established 20 years ago, THINK pioneered the development of electric vehicles and electric drive train technology, putting more than 2,500 of its THINK City vehicles on the road in Europe and the U.S. since the model was introduced in 1999. Attempts to preserve the company via a recapitalization and restructuring proved unsuccessful.