\n<\/p>\n
Canoo announced yesterday<\/a> it is ceasing operations \u201cimmediately\u201d and that it has filed for Chapter 7 bankruptcy in Delaware. The EV startup estimates in its filing<\/a> that its assets are worth $126 million and that it owes over $164 million to its creditors, TechCrunch <\/em>noted yesterday<\/a>.<\/p>\n<\/div>\n Now, the US will appoint \u201ca Bankruptcy Trustee to oversee the liquidation of the Company\u2019s assets and the distribution of proceeds to creditors,\u201d Canoo writes. The company says it chose to file after failing to get support from either the US Department of Energy\u2019s Loan Programs Office or foreign investors. <\/p>\n<\/div>\n \u201cWe are truly disappointed that things turned out as they did,\u201d Canoo chairman and CEO Tony Aquila said in the announcement before thanking various government and business entities Canoo has dealt with. Those dealings have included producing shuttles for NASA\u2019s Artemis crew<\/a> and an agreement to build 4,500 electric delivery vans<\/a> for Walmart.<\/p>\n<\/div>\n