Fisker Files for Chapter 11 Bankruptcy Protection

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Fisker Files for Chapter 11 Bankruptcy Protection
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Fisker has filed for Chapter 11 bankruptcy protection as part of a restructuring plan and sale to an investor group.

Purchasing Fisker’s remaining assets will be Hybrid Tech Holdings LLC, which will also provide $8 million in debtor-in-possession financing to fund the sale and restructuring. The U.S. Department of Energy sold off its loan to the investor group for $25 million according to the vice chairwoman of the House Energy and Commerce Committee, Rep. Marsha Blackburn.

SEE ALSO: Hong Kong Investor Likely to Buy Fisker

“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,” Marc Beilinson, Fisker Automotive’s chief restructuring officer, said in a statement. “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.”

GALLERY: 2012 Fisker Karma

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[Source: Automotive News]

Discuss this story at our Fisker forum.

  • Honest Abe

    LOL. I thought they disappeared a year ago.

  • danwat1234

    Old news? Fisker has been dead for some time now!

  • G2-ahha

    Not old news for those of us that invested in Fisker. Too bad they made the mistakes that they did.