UK-based electric commercial vehicle maker Modec, a partner with Navistar (earlier post), has entered administration. On 4 March 2011, R K Grant, S J Appell and A C O’Keefe of Zolfo Cooper were appointed Joint Administrators; Joint Administrators are licensed to act as Insolvency Practitioners by the Insolvency Practitioners Association.
According to a report in the Birmingham Post, Modec had been in talks with American partner Navistar on a takeover deal, but the transaction fell through around ten days ago leaving the firm with no option but to call in the administrators.
Zolfo Cooper has cut about half the Modec staff, and is looking for a buyer for the company.