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Fisker Goes Chapter 11
Fisker Automotive Inc. filed for bankruptcy protection on Friday, thus clearing the way for an asset sale and restructuring for the struggling hybrid carmaker.
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Fisker Automotive Inc. filed for bankruptcy protection on Friday, thus clearing the way for an asset sale and restructuring for the struggling hybrid carmaker.
The company is being acquired by Hybrid Technology Holdings LLC, a group led by Hong Kong tycoon Richard Li, an early investor in Fisker. HTH says it will provide $8 million in debtor-in-position financing to complete the carmaker's restructuring.
Fisker stopped making its $107,900 Karma sport sedan in mid-2012 after running short on cash. It also defaulted on $192 million drawn from a $528 million loan it was awarded by the U.S. Dept. of Energy.
DOE auctioned off the loan to HTH last month, which freed Fisker from meeting government production and sales targets linked to the federal funding. HTH says it has not yet decided about how to restructure the company or where a revived Fisker will operate.
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