Fisker finally files for bankruptcy, new owner could build more Karmas
11-24-13, 12:39 AM
#1
Fisker finally files for bankruptcy, new owner could build more Karmas
Fisker finally files for bankruptcy, new owner could build more Karmas
Fisker Automotive Announces Agreement for Asset Sale to Hybrid Tech Holdings
ANAHEIM HILLS, Calif., Nov. 22, 2013 /PRNewswire/ -- Fisker Automotive, Inc. and Fisker Automotive Holdings, Inc. (collectively, Fisker Automotive) announced today that they have entered into an asset purchase agreement with Hybrid Tech Holdings, LLC (Hybrid) for the sale of substantially all of its assets.
Hybrid is the lender under an approximately $170 million loan secured by first liens on substantially all of Fisker Automotive's assets. Hybrid's parent, Hybrid Technology, LLC (Hybrid Technology), purchased the loan from the U.S. Department of Energy (DoE) after DoE conducted a robust marketing process and auction.
To facilitate the sale process and provide for orderly distributions to creditors, Fisker Automotive has voluntarily filed petitions under Chapter 11 of the U.S. Bankruptcy Code. Hybrid Technology has committed up to approximately $8 million in debtor-in-possession (DIP) financing to fund the sale and Chapter 11 process.
"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," said Marc Beilinson, Fisker Automotive's Chief Restructuring Officer. "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."
ANAHEIM HILLS, Calif., Nov. 22, 2013 /PRNewswire/ -- Fisker Automotive, Inc. and Fisker Automotive Holdings, Inc. (collectively, Fisker Automotive) announced today that they have entered into an asset purchase agreement with Hybrid Tech Holdings, LLC (Hybrid) for the sale of substantially all of its assets.
Hybrid is the lender under an approximately $170 million loan secured by first liens on substantially all of Fisker Automotive's assets. Hybrid's parent, Hybrid Technology, LLC (Hybrid Technology), purchased the loan from the U.S. Department of Energy (DoE) after DoE conducted a robust marketing process and auction.
To facilitate the sale process and provide for orderly distributions to creditors, Fisker Automotive has voluntarily filed petitions under Chapter 11 of the U.S. Bankruptcy Code. Hybrid Technology has committed up to approximately $8 million in debtor-in-possession (DIP) financing to fund the sale and Chapter 11 process.
"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," said Marc Beilinson, Fisker Automotive's Chief Restructuring Officer. "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."
11-24-13, 11:17 PM
#5
^ I finally saw one in person, its an absolutely stunning car. I talked with the owner a bit about his car, about the company going bust, all that jazz.
Says its annoying that he can't get the car serviced anywhere and tries not to drive it at night since the headlights are stuck on high-beam.
Personally I think the company was run by con-artists who had no real solid plan on how to make a profit on their wonderful idea. Once they found that somebody was stupid enough to loan them $$$$(the government), they went into production.
Says its annoying that he can't get the car serviced anywhere and tries not to drive it at night since the headlights are stuck on high-beam.
Personally I think the company was run by con-artists who had no real solid plan on how to make a profit on their wonderful idea. Once they found that somebody was stupid enough to loan them $$$$(the government), they went into production.
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