Bloomberg: iM3NY files for bankruptcy
(WIVT/WBGH) – The Endicott-based lithium-ion battery manufacturer, iM3NY, has filed for Chapter 11 bankruptcy, according to reporting by Bloomberg.com.
The article written by Jonathan Randles of Bloomberg.com, one of the media leaders in economics and technology coverage, states iM3NY and the affiliate Imperium3 filed in the US Bankruptcy Court for the District of Delaware Monday, Jan. 27. This comes just months after iM3NY laid off a large number of its staff, and then resumed battery production two weeks later at the end of October 2024.
As reported by Randles, iM3NY's CEO Lukasz Cianciara said in the court filing that the company used all of the funds it raised from investors, over $70 million, and more than $100 million in debt.
According to the article, Imperium3 'incurred a total net operating loss of $142.6 million' and owes a minimum of $125 million, per the court documents.
Randles stated that iM3NY's court filing mentioned that the hiring of Hilco Corporate Finance at the end of 2024 was to sell its assets to potential suitors. He also mentioned the Chapter 11 loan would provide iM3NY with $2.5 million in relief, which must be approved by a bankruptcy judge before the firm receives it.
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