Fisker Files for Chapter 11 Bankruptcy Protection
Fisker has filed for Chapter 11 bankruptcy protection as part of a restructuring plan and sale to an investor group.
Purchasing Fisker’s remaining assets will be Hybrid Tech Holdings LLC, which will also provide $8 million in debtor-in-possession financing to fund the sale and restructuring. The U.S. Department of Energy sold off its loan to the investor group for $25 million according to the vice chairwoman of the House Energy and Commerce Committee, Rep. Marsha Blackburn.
SEE ALSO: Hong Kong Investor Likely to Buy Fisker
“After having evaluated and pursued all other alternatives, we believe the sale to Hybrid and the related Chapter 11 process is the best alternative for maximizing Fisker Automotive’s value for the benefit of all stakeholders,” Marc Beilinson, Fisker Automotive’s chief restructuring officer, said in a statement. “We believe that the Fisker Automotive technology and product development capability will remain a guiding force in the evolution of the automotive industry under Hybrid’s leadership.”
GALLERY: 2012 Fisker Karma
[Source: Automotive News]
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Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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Old news? Fisker has been dead for some time now!
Not old news for those of us that invested in Fisker. Too bad they made the mistakes that they did.