CHATSWORTH, CA (BRAIN)—Currie Technologies filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Central District of California in Los Angeles last week.
The company recently lost a significant legal dispute with a large electric utility company, Central and Southwestern Corporation (CSW), that dates back to 2001 when CSW’s subsidiary, Total EV—a distributor of electric vehicles, rapidly wound down operations adversely effecting Currie’s business.
“The award of this judgment has been a distressing surprise to the company,” said Larry Pizzi, Currie Technologies’ president and chief executive officer.
“Outside of this old CSW dispute our business is in good shape. We have the support of Sunnex—our majority shareholder and exclusive
vendor manufacturer—and the support of our bank. If we continue delivering and servicing our major customers they see no problem,” he added. Currie Technologies employs 50 in California.
The filing will enable Currie to continue operating its business and serving its customers while it presents a plan of reorganization to provide a suitable structure for long-term growth. —Matt Wiebe