Once-Promising Indiana Car Venture Ends in Bankruptcy Created by kblakeslee on 6/12/2013 3:27:22 PM
INDIANAPOLIS (AP) _ A company that had planned to take over a vacant Connersville plant and build high-tech police cars has filed for bankruptcy.
Carbon Motors Corp. filed for Chapter 7 liquidation in U.S. Bankruptcy Court in Indianapolis on Friday. The Indianapolis Business Journal reports the company listed liabilities of $21.7 million and assets of about $19,000.
The liabilities are mostly claims from investors totaling millions of dollars.
Carbon Motors announced in July 2009 that it would move into the vacant Visteon plant that was once Connersville's largest employer and hire as many as 1,500 to build police cars from scratch instead of adapting civilian models.
But the plan unraveled after the U.S. Department of Energy rejected the company's request for a $310 million loan in March 2012.