ISE Limited’s principal operating subsidiary, ISE Corporation (a California corporation) has filed a voluntary petition to reorganize its business under Chapter 11 of the United States Bankruptcy Code. The filing was made in the United States Bankruptcy Court for the Southern District of California. ISE is a developer, manufacturer and distributor of Energy Storage Systems (ES Systems) and Heavy-Duty Hybrid-Electric Drive Systems (Hybrid Systems).
As previously announced on 15 July 2010, ISE had been actively seeking to raise additional capital through debt or equity or other capital raising efforts, such as asset sales, while also considering other strategic alternatives. ISE was unsuccessful in raising such additional capital or completing a strategic transaction. Accordingly, after a review of the various alternatives available to ISE, the board of directors concluded that utilizing the Chapter 11 process to restructure ISE’s business is in the best long-term interests of ISE and all of its stakeholders.
ISE will continue operating its business during the Chapter 11 restructuring process. ISE is currently in discussions with lenders and strategic partners regarding a potential debtor-in-possession (DIP) financing. ISE’s objective in seeking DIP financing is to enable ISE to have adequate funds, when combined with ISE’s operating revenue, to fund its working capital, meet ongoing obligations and ensure that operations continue without interruption during the restructuring.
ISE focuses on three critical subsystems: energy storage, controls software, and power electronics. ISE specializes in series hybrid-electric and all-electric/zero emission technologies, and offers ES Systems and Hybrid System components. Over the past 10 years, ISE has sold more than 300 Hybrid Systems that have demonstrated reliability and performance in more than 13 million miles of fleet operation.
Established in 1995, ISE is headquartered in San Diego, California.