Ample is now in a post-marketing asset-sale posture, with the Onyx Sale Assets privately sold, the related auction cancelled, and no Chapter 11 plan on file as of the latest professional-fee reporting. The case began on December 16, 2025, when Ample and affiliate Ample Texas EV filed Chapter 11 after a capital-intensive EV battery-swapping business ran out of runway amid reduced renewable-energy investment, supply-chain pressure, delayed international pilot programs, and insufficient liquidity to scale commercial deployment; the debtors entered bankruptcy with about $35.2 million of funded debt and capital leases, including $35 million of unsecured convertible notes maturing July 2026, according to the Baumgartner first-day declarationDkt. 3.
The restructuring path was built around financing a sale process rather than a balance-sheet plan. Ample sought a $6 million new-money DIP from Twelve Bridge Capital, with up to $2.5 million available on an interim basis, 13% PIK interest, superpriority claims and priming liens, weekly budget testing, and sale milestones that pointed to a late-February bid deadline, early-March auction and sale-order target, and April 2026 closing deadline in the DIP financing motionDkt. 5. The CRO declaration framed that financing as the liquidity bridge needed to preserve IP, maintain facilities, and run a 60-day marketing process for a going-concern sale or recapitalization, after a sharp workforce reduction left the debtors with only two full-time non-executive employees and approximately fifteen contractors at filing.
The case has since shifted from enterprise-sale expectations toward liquidation and discrete asset realization. Debtors’ counsel later reported that the marketing process reached roughly 170 potential bidders, but no bid satisfied the DIP facility’s requirements for a going-concern sale; after mediation, the court approved a $2 million credit-bid sale of the debtors’ intellectual-property portfolio on April 21, 2026, and no plan had been filed by the March 31 fee period covered in the . Liquidity also appears tight: the March monthly operating report showed zero current full-time employees, $126,736 of ending cash, $4.1 million of DIP balance, and cumulative postpetition disbursements exceeding receipts, as reported in the .
The latest docket movement is asset-disposition cleanup. On May 13, the debtors notified the court that the Onyx Sale Assets had been sold to Second Machine LLC on or about May 8, 2026, and that the auction for those assets was cancelled, with liens and claims attaching to proceeds in the same order and priority as against the sold assets under the Onyx sale noticeDkt. 268. Near-term, the case appears focused on completing remaining sale proceeds allocation, professional-fee administration, claims reconciliation, and the eventual plan or dismissal/conversion path that will determine recoveries after the failed going-concern sale process.
