In spite of automotive staffing and growth taking place nationwide, that sadly has not been the happy ending for GreenTech Automotive. The Mississippi-based green car company has now filed for Chapter 11 bankruptcy. The company, known for its MyCar, a two-seat electric car, reportedly owes over $60 million to creditors. The company was founded in 2009, partly by Former Virginia Gov. Terry McAuliffe.
KEY TAKEAWAYS:
- The company earned over $141.5 million in initial investments through the EB-5 program in 2009 for its startup.
- McAuliffe severed ties with the company in 2013.
- The company claims numerous lawsuits help lead to its demise.
McAuliffe has reportedly offered no comment.
https://www.bizjournals.com/washington/news/2018/03/07/greentech-took-in-141m-in-funding-and-counted-a-va.html
