Lordstown’s Former CEO Buys Company’s Remains in Bankruptcy Bid

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English - October 13, 2023 17:00 - 2 minutes - 1.67 MB - ★★★★★ - 1 rating
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Lordstown Motors is back in the headlines as some familiar faces have reentered the picture three months after the company filed for Chapter 11 bankruptcy protection.

According to an SEC filing, when Lordstown began voluntary proceedings under Chapter 11 in June, the company’s “selling entities” approved an auction to sell the company’s assets.

The bankruptcy court approved the bidding procedures, and the selling entities received a qualifying bid from a limited liability company called LAS Capital. LAS Capital has no affiliation with Lordstown Motors. It was, however, founded by Lordstown’s founder and former CEO Steve Burns. Former Lordstown CFO Julio Rodriguez is also reportedly involved as the sellers are also considering him an indirect manager of LAS Capital.

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