Azure Dynamics Corporation, a developer and producer of hybrid-electric and electric components and powertrain systems for commercial vehicles, has entered into an agreement to sell its portfolio of patents and related rights and assets to a third party. (Earlier post.)
In March 2012, the company filed for protection under the Canada’s Companies’ Creditors Arrangement Act (CCAA).
The agreement was executed following a sale and investment solicitation process administered by the Company under the supervision of the court-appointed monitor, Ernst & Young Inc., in the ongoing insolvency proceedings under CCAA proceedings.
The transaction is conditional on, among other things, the satisfactory completion of due diligence by the purchaser, purchaser board approval, and approval of the transaction by the Supreme Court of British Columbia in the CCAA Proceedings. It is anticipated that the transaction will close before the end of August, 2012.