Electric truck maker Bollinger Motors Inc. will live on after it emerged from receivership this week with a new CEO and ownership structure.

A federal judge early last month had ordered the Oak Park, Michigan-based company to be overseen by the independent third party amid recent financial woes that had halted production and were affecting its ability to pay employees and make rent payments. The order came as part of a lawsuit filed by Robert Bollinger, the company's founder and former CEO, who said the truck maker owed him about $10 million. It appeared the once high-flying EV startup's decade-long run was coming to an end with its assets distributed to creditors.

But now court records and company statements from Bollinger and its parent Mullen Automotive Inc. say the receiver has been removed and the case involving Robert Bollinger's outstanding $10 million loan settled.

California-based Mullen said it as acquired an additional 21% stake in Bollinger, bringing its ownership to 95%, with Mullen's CEO David Michery now also taking over as head of Bollinger. A spokesperson said Bryan Chambers, the former CEO, is no longer with the company.

“Our investment in acquiring the vast majority of remaining shares and resolving certain significant outstanding debt demonstrates our belief in and continued commitment to Bollinger's vehicle lineup and future," Michery said in a statement.

Bollinger started making an electric chassis cab truck called the B4 last year, and a larger version, the B5, was scheduled for release in 2026.

A Mullen statement on the case's resolution said that Bollinger would continue to operate as an "independent majority subsidiary, maintaining its own brand identity and focus." It added current and future Bollinger customers should expect "business as usual."

Court records say Mullen agreed to fund the expenses of the receiver, Gene Kohut, and recent payroll costs during the receivership as it resolved the company's $10 million outstanding loan from Robert Bollinger.

While Bollinger Motors will live on, questions have been raised around Mullen's own troubled financial situation and ability to support the truck maker going forward. It has racked up hundreds of millions of dollars in losses over the last year, U.S. Securities and Exchange filings show. At a Detroit court hearing last month, Bollinger company executives said as the company faced increasing strain and ran low on cash in recent months, majority-owner Mullen had not provided sufficient support or direction to avoid issues that included halts to its production, missed payments to suppliers and landlords, and problems making 401(k) contributions to employees.

Then-CEO Chambers also said in early May that the company had sold two of its trucks in the prior month, with about 40 in inventory.

“In the past several weeks our message to customers and dealers is that we are open for business, focused on our customers and optimistic about our future,” Jim Connelly, chief revenue officer for Bollinger Motors, said in a statement. “The market for commercial EVs is full of opportunity and we continue to deliver world-class vehicles to help customers meet their fleet electrification needs.”

Michery told Crain's Detroit Business this week that he wants production of the company's Class 4 trucks to resume in 8 to 10 weeks, and promised to eventually grow its current Detroit-area staff of about 85 people. He was not immediately available for an interview Thursday.

©2025 www.detroitnews.com. Visit at detroitnews.com. Distributed by Tribune Content Agency, LLC.