Latest news with #iM3NY
Yahoo
10-03-2025
- Business
- Yahoo
iM3NY rehires several workers amidst bankruptcy filing
ENDICOTT, N.Y. (WIVT/WBGH) – Endicott's lithium-ion battery manufacturer is making progress as it works its way through bankruptcy. During a conference call with creditors on Monday, iM3NY CEO Lukasz Cianciara said the company has rehired a handful of workers that were let go back In October in order to keep its production line on the Huron Campus operational. iM3NY and its affiliate Imperium 3, filed for chapter 11 bankruptcy in January because of a liquidity crunch as it ran out of funding while still trying to commercialize its batteries which are intended for electric vehicles and energy storage. Cianciara says iM3 currently has 25 workers and $1.8 million in cash on hand. The company also extended a deadline to Monday for the sale of its assets with the assistance of Hilco Corporate Finance. News 34 has reached out to Cianciara and company co-founder Shailesh Upreti for additional information about their plans moving forward and has not received a reply. Amici Pub and Pizzeria closes after 14 years in business WATCH: DOCCS strike update Business of the Week: American Red Cross New York Working Families Party supporting Miles Burnett for Binghamton Mayor Binghamton University under investigation for antisemitism Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
28-01-2025
- Business
- Yahoo
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 The article written by Jonathan Randles of 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. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
