Ideanomics is now in post-effective-date liquidation: substantially all assets were sold to secured lender and DIP provider Tillou Management and Consulting LLC, the chapter 11 plan has been confirmed, and a liquidating trust is administering the remaining estate. The case began on December 4, 2024, when Ideanomics and seven affiliates filed chapter 11 petitions after an acquisition-driven expansion into electric-vehicle businesses exhausted liquidity and failed to produce self-sustaining operations. By filing, WAVE—the group’s wireless-charging business—was the only operating unit; the debtors had approximately $189,000 of cash, 17 employees, and more than $800 million of cumulative operating losses from 2019 through 2023. Nasdaq delisting in July 2024 further restricted access to capital. The debtor reported approximately $30.5 million in funded debt, much of it owed to Tillou, as described in the first-day declarationDkt. 14.

The debtors entered chapter 11 on a sale track centered on WAVE and the remaining assets, with Tillou positioned as both financing source and stalking-horse purchaser. In January 2025, the court authorized use of cash collateral and up to $11.619 million of new-money term loans from Tillou, secured by priming liens on substantially all estate assets and carrying superpriority administrative status. The facility also permitted a dollar-for-dollar roll-up of prepetition obligations and gave Tillou credit-bid rights, while tying continued funding to an expedited sale process and confirmation timetable under the final DIP and cash-collateral orderDkt. 118.

The sale of substantially all assets to Tillou closed on March 7, 2025, terminating the DIP facility and satisfying the DIP obligations. With the operating assets transferred, the case shifted from a going-concern sale process to an estate wind-down. The court confirmed the amended combined disclosure statement and chapter 11 liquidating plan on January 16, 2026, and the plan became effective on February 13, 2026. The current path is therefore distribution and claims administration through the liquidating trust rather than rehabilitation of Ideanomics as an operating company; no further restructuring financing or operating sale process remains pending in the supplied record.