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Kekst CNC is representing electric pickup truck maker Lordstown Motors as it files for Chapter 11 and sues its erstwhile business partner Foxconn for fraud and a failure to live up to its financial commitments.
Struggling Lordstown sold its Ohio plant to Foxconn in November 2021 and ironed out a joint development with the Taiwan-based electronics giant.
The suit alleges that Foxconn had no intention of living up to its agreement and used it as a tool to maliciously and in bad faith destroy the truck maker’s business.
Foxconn says it had been negotiating with Lordstown to resolve its financial difficulties, but future talks have been suspended.
Lordstown CEO Edward Hightower is seeking a buyer for the Endurance vehicle platform and related assets.
He said the production-launched Endurance platform “can serve as a springboard for the right OEM or other strategic purchaser into the broader North American EV full-size truck market at a fraction of the cost and time it would take to develop a program from the ground up.”
Kekst CNC’s Jeremy Fielding, Jon Morgan and Simone Leung handle media for Lordstown.
Publicis Groupe owns Kekst CNC.
Teneo handles True Food Kitchen as the Scottsdale, AZ-based wellness food restaurant chain that counts Oprah Winfrey as a minority investor files for Chapter 11.
FGS Global and Teneo represent Canada’s billionaire Weston family as its Wittington Investments holding company acquires Boots Group, the 177-year-old UK health & beauty retailer, from Sycamore Partners for $8.9B.
Joele Frank handles C.H. Robinson Worldwide as the freight transportation company acquires RXO Inc. in a stock and cash transaction pegged at $5.8B to create a company with an enterprise value of more than $25B.
Brunswick Group handles France’s Schneider Electric as it acquires Boston’s PTC, maker of engineering software, for $22.6B cash.
Burson Buchanan handles AAR Corp as the supplier of parts and services to the aviation market acquires a 65 percent stake in MRO Holdings.
