Get the latest tech news
Fluid Truck files for Chapter 11 bankruptcy and pursues sale after leadership shakeup
Less than two months after Fluid Truck’s board ousted its sibling co-founders from their executive positions, the company has laid off 30% of its staff,
James Eberhard and Jenifer Snyder, Fluid Truck’s sibling co-founders and former CEO and chief legal counsel, respectively, founded the startup that has been referred to as the Zipcar of commercial vehicles in 2016. Fluid’s deficits accumulated and bad blood started festering between Eberhard and two minority shareholders on the board – Bison Capital and Ingka Investments – according to people familiar with the matter. “The DIP lenders basically said, ‘We’re going to loan you this money, but if the sale doesn’t close by December 31, you’re in default, and we can liquidate the business,” Adam Stein-Sapir, a bankruptcy expert at Pioneer Funding Group, told TechCrunch.
Or read this on TechCrunch
