Think Exits Bankruptcy, Moves to Finland

Norwegian electric vehicle manufacturer Think announced today it received approval from a Norwegian court to exit the country's equivalent to bankruptcy protection, as its debt settlement plan has been approved. This means Think is now able to resume manufacturing and selling of the Think City Car to European cities.

“This court ruling completes the final step in our return to normal operations. It is an important day for Think, and we would like to thank our creditors and suppliers for their continued support, and to show our appreciation to Think’s very patient and loyal customers – this means we can re-start production of the TH!NK City as soon as possible,” Richard Canny, Think CEO, said in a release.

Additionally, Think also managed to secure a significant capital increase. As part of the move, some of the companies investors have become shareholders, meaning interim financing has been turned into equity. The investors in question are Ener1, Valmet Automotive and Investinor.

Unfortunately, not it's all good for Think and its employees. As a result of Valmet's involvement, Think will move production, starting the fourth quarter of the year, to Uusikaupunki, Finland, where Valmet assembles the Porsche Boxster and Cayman.

Think will idle its existing assembly facility in Aurskog, Norway indefinitely, sending 85 employees to look for jobs.

“Establishing production in Finland and expanding our sales organisation around Europe is going to keep us extremely busy in the coming months – but we are very confident, the TH!NK City is literally ready for sale and we look forward to delivering the first of our customers’ new cars this side of 2010,” Canny concluded.