Mexican Media Brands
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.
#hybrid
Share
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.
RELATED CONTENT
-
FCA Opens the Door to The Future
FCA introduced a high-tech concept vehicle today, the Chrysler Portal, at the event previously known as the “Consumer Electronics Show,” now simply CES.
-
On Military Trucks, Euro Car Sales, Mazda Drops and More
Did you know Mack is making military dump trucks from commercial vehicles or that Ford tied with Daimler in Euro vehicle sales or the Mazda6 is soon to be a thing of the past or Alexa can be more readily integrated or about Honda’s new EV strategy? All that and more are found here.
-
48-volt Hits Production
“In 2025, approximately one in five new vehicles across the world will be equipped with a 48-volt drive,” Juergen Wiesenberger, head of Hybrid Electric Vehicles at Continental North America said last week.