Electric-car maker Coda files for Chapter 11 bankruptcy

The company plans to sell its assets

Electric cars may be the future, but the future looks pretty dim for electric-car maker Coda Holdings Inc., which filed for Chapter 11 bankruptcy today.

Coda Holdings, parent company to Coda Automotive, plans to sell its assets to a group headed by a unit of Fortress Investment Group. The company said it will try to sell Coda Automotive, which has as much as $50 million in assets and as much as $100 million in debt, separately within 45 days.

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