Today's news: Ener1 filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, case number 12-10299. The Company, which is a holding company for entities engaged in the research, development and production of rechargeable batteries and battery packs, is represented by Michael J. Venditto of Reed Smith. Concurrent with its petition, the Company also filed with the Court a Joint Prepackaged Plan of Reorganization and related Disclosure Statement. The Company explains that its plan has been unanimously accepted by all impaired creditors. According to the Company, "The keystone of the Plan is the infusion of up to $81 million of new capital, which will reorganize the existing capital structure and support the continued operation of the Debtor's subsidiaries. Aside from the restructured long-term debt held by the parties that have voted to accept the Plan, the claims of general unsecured creditors are unimpaired and will be paid by the Debtor in full pursuant to the Plan. All of the Debtor's existing common stock will be cancelled and new equity will be issued to the provider of the postpetition and exit funding and to the long-term debt holders."
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