Jump to content
News
Reviews
Discussons
Activity
Create New...
Close
  • William Maley
    William Maley

    By William Maley •

    Fisker Finds A New Home, Promptly Announces Bankruptcy

    William Maley

    Staff Writer - CheersandGears.com

    November 25, 2013

    The Department of Energy (DOE) announced on Friday that it had found a buyer for dormant automaker, Fisker. The buyer is Hybrid Tech Holdings, LLC, a company founded by Richard Li, one of the people who was interested in buying Fisker. So how much did Hybrid Tech pay for the assets of Fisker? Reports say around $25 million, which means the DOE lost around $139 million in its investment into Fisker.

    To keep the transfer process smooth and make sure Fisker's creditors and suppliers get paid, the company has filled for Chapter 11 Bankruptcy in a California court.

    "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. 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," said Marc Beilinson, Fisker Automotive's Chief Restructuring Officer in a statement.

    What does Hybrid Tech have in mind for Fisker? The company plans to restart production and sales of the Karma sedan, and work on developing new vehicles.

    "As we continue to examine Fisker's opportunities, we will be making decisions about the structure and footprint of the new business," said Caroline Langdale, a spokeswoman for Hybrid Technology.

    Source: Automotive News (Subscription Required), Fisker

    William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected]or you can follow him on twitter at @realmudmonster.

    Press Release is on Page 2

    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."

    Go to articles

    User Feedback

    Recommended Comments

    G. David Felt

    So the tax payers take a bath to the tune of 139 million and the idiot ex CEO and his Chummy Chinese friends end up with the company minus the debt, building an electric auto that is questionable at best.

    Sad Day for the hardworking tax payers in the US. :(

    Link to comment
    Share on other sites


    Join the conversation

    You can post now and register later. If you have an account, sign in now to post with your account.
    Note: Your post will require moderator approval before it will be visible.

    Guest
    Add a comment...

    ×   Pasted as rich text.   Paste as plain text instead

      Only 75 emoji are allowed.

    ×   Your link has been automatically embedded.   Display as a link instead

    ×   Your previous content has been restored.   Clear editor

    ×   You cannot paste images directly. Upload or insert images from URL.

    ×



  • Subscribe to Cheers & Gears

    Cheers and Gears Logo

    Since 2001 we've brought you real content and honest opinions, not AI-generated stuff with no feeling or opinions influenced by the manufacturers.

    Please consider subscribing. Subscriptions can be as little as $1.75 a month, and a paid subscription drops most ads.*
     

    You can view subscription options here.

    *a very limited number of ads contain special coupon deals for our members and will show

  • Similar Content

  • Posts

    • Drew Dowdell
      Random Thoughts Thread

      By Drew Dowdell · Posted

      I got a mid-size portable one rated for 4500w. It doesn't run the whole house. It's enough to keep the downstairs fridge and freezer going, the internet up, and the phones/laptops charged.  In the wintertime it can also be used to run the furnace. We lost power for 18 hours overnight this past winter when it was 11 degrees out, so getting one that will run the furnace was on my list of requirements.  We get multi-hour outages several times a year, during the worst of covid we had a transformer blow a couple streets over and they couldn't get a replacement for days, so I think it was an overdue investment. While it does have a connection available to wire into the breaker box, my breaker box is not set up for it. So for me, it was just stringing orange extension cords under the garage door and out the living room window to plug into the unit in the driveway. We got power back for a short time at 11 p.m., then again at 3 a.m., I was able to power down the generator at 3.  Last I looked, there were still 134k without power, over 400k at the worst of it.  They're saying more bad storms tonight.
    • Robert Hall
      Random Thoughts Thread

      By Robert Hall · Posted

      Yeah, I have a coworker that lives in downtown Pittsburgh and heard this morning her building has a generator but it's been on and off... 
    • ccap41
      Tariff Tuesday - Buick Killing it in China; Killed in the U.S.

      By ccap41 · Posted

      These companies are playing on both sides of the party line. Ford donated more to Harris than Trump.  https://www.opensecrets.org/orgs/ford-motor-co/summary?id=D000000182 Same with GM. https://www.opensecrets.org/orgs/general-motors/summary?id=D000000155 Toyota contributed a little more to Trump than Harris. https://www.opensecrets.org/political-action-committees-pacs/toyota-motor-north-america/C00542365/candidate-recipients/2024 Hyundai: https://www.opensecrets.org/orgs/hyundai-motor-co/summary?id=D000042381   This is just fascinating information to me. It's also comical how these companies are trying to play good to either party who wins. 
    • G. David Felt
      Tariff Tuesday - Big Trouble in Little Crossovers

      By G. David Felt · Posted

      Sure, it does, as we have already seen some deals are being made that reduce the tariff compared to what it was before the latest announcements. For those that are not wanting what is on the lot currently or want something made outside the U.S., it totally makes sense that they would hold off and keep driving their older auto.
    • G. David Felt
      Tariff Tuesday - Buick Killing it in China; Killed in the U.S.

      By G. David Felt · Posted

      Interesting the news on this: Project 2025: Full List of Organizations Behind Proposals - Newsweek Toyota, Ford and General Motors join sprint to donate millions to Trump's inauguration fund Breaking down list alleging companies like McDonald's and Walmart donated to Trump | Snopes.com Trump inauguration donors include Meta, Amazon, Target, Delta, Ford Crazy all the companies that have invested in Trump and the whole Project 2025 for destruction of America Democracy and the growth of dictatorship.

  • Who's Online (See full list)

  • My Clubs

×
×
  • Create New...

Hey there, we noticed you're using an ad-blocker. We're a small site that is supported by ads or subscriptions. We rely on these to pay for server costs and vehicle reviews.  Please consider whitelisting us in your ad-blocker, or if you really like what you see, you can pick up one of our subscriptions for just $1.75 a month or $15 a year. It may not seem like a lot, but it goes a long way to help support real, honest content, that isn't generated by an AI bot.

See you out there.

Drew
Editor-in-Chief

I've whitelisted
Continue without support

Write what you are looking for and press enter or click the search icon to begin your search