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Lordstown Motors receives court approval of bid procedures
By Sarah Lizee
Olympia, Wash., Aug. 8 – Lordstown Motors Corp. secured approval of the bid procedures for its assets, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.
Under the bid procedures, the company has until 5 p.m. ET on Aug. 24 to submit a stalking horse notice.
The bid deadline is set for 5 p.m. ET on Sept. 8.
An auction is scheduled for Sept. 19, and a sale hearing will take place on Oct. 5.
The Lordstown, Ohio-based electric vehicle maker filed Chapter 11 bankruptcy on June 27 under case number 23-10831.
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