Electric Last Mile Solutions Reaches Its Last Mile: Chapter 7 Bankruptcy
Article continues below advertisementHow did the EV startup ELMS wind up underwater? Here are the details of this troubled journey, from insider tr...
Article continues below advertisementHow did the EV startup ELMS wind up underwater? Here are the details of this troubled journey, from insider trading to a funding desert.What is Chapter 7 bankruptcy?Oftentimes, when you hear about a company filing for bankruptcy, it may refer to Chapter 11 bankruptcy which allows the company to reorganize and operate while repaying creditors. Chapter 7 bankruptcy is different.Chapter 7 bankruptcy requires companies to liquidate and sell most of their assets in order to pay back creditors.