Reuters: Bankruptcy News: UPDATE 1-Valence Technology files for Chapter 11 bankruptcy

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UPDATE 1-Valence Technology files for Chapter 11 bankruptcy Jul 12th 2012, 16:06 July 12 | Thu Jul 12, 2012 12:06pm EDT July 12 (Reuters) - Battery maker Valence Technology Inc said it filed for voluntary Chapter 11 bankruptcy to boost liquidity and focus on its core lithium phosphate business. The company said it was negotiating a debtor-in-possession (DIP) credit facility, which would be used to meet working capital and other operational needs. Valence makes rechargeable lithium-ion magnesium phosphate batteries that are used in hybrid and electric vehicles, scooters, yachts and forklifts. The company, which reported sales of $44.4 million in financial year 2012, listed assets of $31.5 million and liabilities of $82.6 million, as of March 31. Valence, which expects to complete restructuring this year, is being advised by Streusand, Landon & Ozburn on the bankruptcy. Shares of the company, which has a market value of $110 million, closed at 65 cents on Wednesday on the Nasdaq. The case is In re: Valence Technology Inc, U.S. Bankruptcy Court, Western District of Texas, No. 12-11580.

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