MIDDLETOWN – Electric scooter manufacturer Vectrix Corp. on Monday said it has filed for bankruptcy protection after agreeing to sell most of its assets to a new company, New Vectrix LLC.

Under the terms of the deal, New Vectrix will spend about $5 million for “substantially all” of Vectrix’s assets, paying $1.8 million in cash and taking on $3.3 million in liabilities. The agreement still has to be approved by a U.S. Bankruptcy Court judge.

“This transaction provides a platform to continue the Vectrix brand and its advanced electric vehicle technology,” Mike Boyle, CEO of Vectrix, said in a statement. “We want to express our appreciation to our partners and customers for their continued patience and support during this transition.”

New Vectrix is backed by GH Venture Partners LLC, a boutique investment bank in New York. It was incorporated in Delaware on Aug. 28, according to state records.

Vectrix was founded in 1996 to develop and market zero-emissions scooters and other vehicles. In addition to its Middletown headquarters, the company has engineering and test facilities in New Bedford, sales offices in the United Kingdom and a manufacturing plant in Poland.

Vectrix was hit hard by the recession and the credit crunch. The company laid off 60 employees in April, the same month trading in its shares was halted by the London Stock Exchange.

Additional information is available at Vectrix.com.