Fallbrook – NuVinci Announces Chapter 11 Bankruptcy Proceedings
CEDAR PARK, TEXAS – Yesterday Fallbrook Technologies Inc. announced that Roger Wood, former CEO of publicly traded Dana Holding Corp, will become the new CEO for the privately held developer and licensor of NuVinci. His first act as Fallbrook CEO will be to implement a financial restructuring that substantially reduces debt service and recapitalises the company. The restructuring is to be achieved through a Chapter 11 reorganisation filed yesterday.
Fallbrook’s bankruptcy proceedings comes after the company decided to change the name of NuVinci Cycling into enviolo at the start of this year. It was said that “the rebranding is mainly based on organizational reasons, the company is taking the opportunity to mark the entry into a new chapter and set an intention to become ‘the moving standard’ for eBikes and bicycles.”
Restructuring support agreement
In a press release on the Chapter 11 filing Fallbrook further says on the Chapter 11 bankruptcy proceedings “In connection with the filing, the Company entered into a Restructuring Support Agreement with some of its largest creditors to support a Plan of Reorganization. In addition, subject to Bankruptcy Court approval, Fallbrook has an agreement to secure debtor-in-possession financing as well as post-exit financing. This restructuring will best position Fallbrook to grow the NuVinci CVP technology and expand our community of licensees. We are thankful to our dedicated employees who remain focused on the advancement of Fallbrook’s innovative and unique technologies supporting applications across multiple markets.”
Fallbrook’s new CEO Roger Wood added “I thank my predecessor, William Klehm for his efforts and dedication to the company. I look forward to my new role at Fallbrook.”
Roger Wood is widely recognised as one of the leading figures in the automotive supply industry. He drove the decision at Dana to license the NuVinci technology in 2012. He said “I have seen this company grow from an idea to a reality where Fallbrook’s transformational technology can revolutionize multiple industries. We are closer than ever to a future where NuVinci is the mechanical standard to improve any system with an engine, pump, motor, or geared transmission system.”
Roger Wood is a familiar face to Fallbrook, joining the Fallbrook board of directors January 27, 2016. He served as president and CEO of Dana Holding Corporation from April 2011 until his retirement in August 2015.