Valence Technology, Inc., a developer and manufacturer of proprietary phosphate-based lithium ion batteries, voluntarily filed for bankruptcy protection today in Texas. A copy of the petition is embedded below, but here is a summary of some of the petition’s key details:
- Assets: $31.53 million
- Liabilities: $82.64 million
- Largest Equity Holders (as of March 31): Carl E. Berg, Berg & Berg Enterprises, LLC and West Coast Venture Capital, Inc. (44.4%); Clearbridge Advisors, LLC (5.5%)
The company’s largest unsecured creditors are summarized in a follow-up post, which you can find here: http://chapter11cases.com/valence-technologys-20-largest-unsecured-creditors/
In addition, please see our latest post on this case to read the complete declaration of Valence’s President & CEO filed with the bankruptcy court explaining the company’s reasons for the bankruptcy filing and its goals.