IM3NY Files for Chapter 11 Bankruptcy with $136M Debt

Lithium-ion battery manufacturer iM3NY has filed for Chapter 11 bankruptcy protection in Delaware, citing approximately $136 million in debt and challenges in securing new funding for its production plant in Endicott, New York. CEO Lukasz Cianciara stated that the company had exhausted its funds, despite raising over $70 million from investors and accumulating more than $100 million in debt. The bankruptcy filing indicates that iM3NY's assets are estimated between $50 million and $100 million, while it has secured a $17.5 million debtor-in-possession loan to sustain operations during the proceedings. The company has faced ongoing financial difficulties since announcing its gigafactory plans in 2017, with a significant reduction in workforce and accusations of mismanagement. iM3NY is now seeking a buyer for its assets or plans to restructure its finances to continue operations. A court hearing is scheduled to discuss their financing plan, which includes a $2.5 million loan.