Fisker, A123 settlement reducing $140m in claims to $15m approved
Fisker Automotive and what was formerly A123 Systems have received approval of their settlement in which Fisker's claims against the bankrupt battery maker were reduced by 89 percent, Bloomberg News reports.
Fisker's claims against what's now B456 Systems were reduced to $15 million from $140 million. A US bankruptcy court judge in Delaware approved the settlement Wednesday. Fisker also agreed to sign off on the battery maker's liquidation plan. B456 received federal approval in late January to have most of its assets acquired by China-based Wanxiang for about $256.6 million.
Of course, Fisker is dealing with its own liquidity issues, allegedly owing its landlord and web designer more than $700,000, combined, in late bills. The maker of the Karma extended-range plug-in has reportedly furloughed its US workers and may be close to filing for bankruptcy.