Ambri Agrees to Terms of Proposed Sale with Lender Consortium
Summary
Ambri has obtained commitments for debtor-in-possession ("DIP") financing from the Lender Consortium, as well as consent to use their cash collateral in accordance with an approved budget. "We are taking steps to build on this progress by strengthening our financial position and working with our lenders to support our future success." Mr. Leff added, "We appreciate the constructive engagement weve had with our lenders to date, and we look forward to continuing to work together towards the best path for the business and all our stakeholders. As we move forward, our team remains focused on delivering a long-life, safe and low-degradation battery system for long duration energy storage applications. Ambri has filed a number of customary first day motions with the U.S. Bankruptcy Court seeking authorization to support its operations during the court-supervised sale process, including the continued payment of employee wages and benefits without interruption.