First Mode Holdings, Inc. filed chapter 11 petitions on December 16, 2024 in the U.S. Bankruptcy Court for the District of Delaware (Case No. 24-12794). Filings describe a technology business developing retrofit platforms for heavy vehicles, with pathways described as hybrid electric (HEV), battery electric (BEV), and hydrogen fuel cell (FCEV) options (Dkt. 15). The case proceeded as a fast liquidation and wind-down anchored by (i) a priming superpriority DIP facility provided by an Anglo American affiliate and (ii) a section 363 sale process in which Cummins Inc. served as stalking horse and successful bidder (Dkt. 13; Dkt. 18; Dkt. 249). The DIP motion described a delayed-draw term loan facility not to exceed $26.0 million, with $6,625,219 available at the interim order and the remainder available at the final order; pricing was described as 3-month Term SOFR plus a 6.00% margin (plus a 0.26161% credit adjustment spread) and a 2.00% default-rate increment (Dkt. 13). The first day declaration described an August 2024 termination of key agreements and a sweep of funds by Anglo, and it described prepetition secured debt of not less than $69.7 million and trade debt of approximately $27 million (Dkt. 15). The court entered the confirmation order on 2025-03-26 (Dkt. 375), and the plan became effective on 2025-03-31 (Dkt. 389). Solicitation materials described an opt-in release structure under which participating general unsecured claimholders were expected to receive 100% recovery and non-participating holders were expected to receive 0% recovery (Dkt. 254).
