Jump to content
News
Reviews
Discussons
Activity
Create New...
Close

  • 💬 Join the Conversation

    CnG Logo SQ 2023 RedBlue FavIcon300w.png
    Since 2001, Cheers & Gears has been the go-to hub for automotive enthusiasts. Join today to access our vibrant forums, upload your vehicle to the Garage, and connect with fellow gearheads around the world.

     

  • 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.

    ×



  • Support Real Automotive Journalism

    Cheers and Gears Logo

    Since 2001, Cheers & Gears has delivered real content and honest opinions — not emotionless AI output or manufacturer-filtered fluff.

    If you value independent voices and authentic reviews, consider subscribing. Plans start at just $2.25/month, and paid members enjoy an ad-light experience.*

    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

    • G. David Felt
      Random Thoughts Thread

      By G. David Felt · Posted

      I finally am home where I reviewed my cell phone and here are the pictures I took at the time to share with my wife on the crazy prices of butter.
    • G. David Felt
      Random Thoughts Thread

      By G. David Felt · Posted

      Good basic butter, just crazy the increase in prices since last summer.  Made a mistake as I looked at the box at Costco, it is 2lbs for the Kerrygold butter from Ireland for $17.99 now. Baking with Kerrygold is the best, talk about a flavor explorsion.
    • oldshurst442
      Random Thoughts Thread

      By oldshurst442 · Posted

      Maple Maga has very quickly quieted down.  Oh...there is an extreme right movement here too.  The diehards are just as die hard as your morons.  But not as abundant.  Our morons are slightly more educated than yours so the ones that actually do think, saw and thought about what is what and learned the consequences of being willfully ignorant and stupid through the actions of Trump, through the inactions of decent Americans, and learned very quickly that the extreme right movement is just not good.  Like I said though, the maple maga movement does exist. And they are just as a lost cause as your maga movement.  Problem is though that your maga movement is holding the world hostage. It be OK if it were only their own demise, but they are bringing the whole planet down. At least in the short term.  In the long term, the US will be all alone when all of this is over. Whenever that will be.  Even its life long partner in Canada has mostly said to move on from the US.  Not a good thing for America.      
    • oldshurst442
      Random Thoughts Thread

      By oldshurst442 · Posted

      Well, the Trump regime (and American dairy farmers) wants American dairy to enter the Canadian market so he put a big tariff on Canadian dairy and they also want us to eliminate our quotas to allow the American dairy farmers to flood our market with your dairy.  I guess that would help your market with dairy prices as that would mean Canadian dairy to be wiped out completely out of existence.   Its simple though, stop over producing milk in your US market and then maybe the prices would just stabilize in your market. Because their is an over production of milk from American dairy farmers that they have to destroy millions of gallons of milk...     Having production quotas might make prices slightly more expensive, but no where near to what you guys are experiencing now, it does make for a more predictable outcome in how much a dairy farmer will sell, how much he needs to sell, how many workers he needs etc, and will definitely eliminate over supply and price fluctuations due to over supply.   Also, a dairy farmer need not hire people to destroy over produced milk.  No profit in that to spend money on throwing out your supply... But hey, yet another crappy American ideology that your friendly neighbor to the north has to contend with and deal with.  Canada is married to a peaked in high school drop-out, raggedy assed prostitute who lies, steals, cheats and has no respect for itself and is forced to continue to be abused  bonded in holy matrimony because America  allow  in God they trust and God does not allow divorce.  Canada is sooooooo ready for divorce and there are many suitors around, but Canada and all her suitors know how much of a jealous psychopath the US is and are trying to navigate through it all without any major consequences to the children (the trade routes that the US begat and forged with the world)    The world is afraid that the US will go bat shyte crazy like Glen Close in fatal attraction and Canada will find its pet rabbbit in a stew...      Canadians are keeping their ELBOWS UP and avoiding the US. Quite frankly....PHOQUE the US!!!   
    • ccap41
      Random Thoughts Thread

      By ccap41 · Posted

      Kirkland-brand butter? Which kind?

  • Who's Online (See full list)

    • There are no registered users currently online

  • My Clubs

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.

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