Energy Secretary Steven Chu and other officials were set to announce the purchase Tuesday, as well as a directive from President Obama ordering the government to purchase only fuel efficient cars and trucks by 2015.
The president has called for a one-third reduction in U.S. oil imports by 2025 and wants to put 1 million plug-in electric vehicles on the road by 2015.
BANKRUPTCY
Jackson Hewitt files for Chapter 11 protection
NEW YORK — Jackson Hewitt says it filed for Chapter 11 bankruptcy protection under the weight of heavy debt.
The nation’s second largest tax preparer says its lenders agreed to a restructuring plan to lower debt and interest expense. It filed the prepackaged plan with the U.S. Bankruptcy Court for the District of Delaware for court approval.
Under the plan, Jackson Hewitt’s secured lenders will receive their pro rata share of a new $100 million term loan and all of the stock in the reorganized company. Shareholders and unsecured lenders won’t receive anything.
Jackson Hewitt expects the plan to be implemented in 45 to 60 days. It will operate normally and prepare for the 2012 tax season until then.
From wire dispatches and staff reports
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