2012 Fisker Karma
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It may seem like a drop in the bucket compared to the approximately $1 billion in liabilities bankrupt automaker Fisker Automotive has against it, but every bit helps. In this case, it's a smidgeon less than $5 billion. That's how much the maker of the Karma extended-range plug-in is getting approved to borrow from its presumed future owner, Wanxiang Group. It's a start.

A US bankruptcy court judge said Wanxiang could loan Fisker $4.98 million for interim financing purposes while the China-based company waits to get antitrust clearance from the US government to buy the now-dormant California-based company, Bloomberg News says. Fisker is seeking another $10.5 million in loans via a debtor-in-possession loan. After that, things get real interesting as everyone from the state of Delaware to General Motors to Finland's Valmet Automotive and more than 600 other entities have gotten in line to collect on what's alleged as $985.4 million in debt.

Last month, Wanxiang won a bid against Hong Kong-based Hybrid Tech Holdings for Fisker, which hasn't made any Karmas since mid-2012. Wanxiang will pay $149.2 million, including $126.2 million in cash and $8 million in assumed liabilities, for Fisker. The automaker filed for bankruptcy last November and Wanxiang bounced the company back as the The New Fisker this week.


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    • 1 Second Ago
  • 10 Comments
      Levine Levine
      • 1 Year Ago
      Most of the unsecured creditors will get nothing or next to nothing after final bankruptcy plan is approved and Wanxiang takes possession of Fisker. The secured creditor may be foreced take shares instead of cash. Fisker was a scam from the very beginning; suckers deserve what's coming to them.
      • 1 Year Ago
      That's the problem with autoblog, they don't proofread their content before publishing. This author mixes their millions with their billions and allows the whole thrust of their premise to not make sense. Even the copyright of the site is more than a year old.
      m_2012
      • 1 Year Ago
      They need their bonus checks. Such a huge failure.
      • 1 Year Ago
      What's the obsession with Fisker on this site?
      m_2012
      • 1 Year Ago
      $5 BILLION is more than a smidgen. #proofreadfail
      raktmn
      • 1 Year Ago
      This really is a non-story. Clicking through to the Bloomberg story, this is just Wanxiang America replacing the lending that Hybrid Tech was providing before back when it was the presumed buyer.
      EVSUPERHERO
      • 1 Year Ago
      This obese thing is DOA no matter who owns it. Make it all gas or all Ev but this half ass BS is going to cost the new owners plenty if they try the same thing the last ones did. Fools and there money.
      Grendal
      • 1 Year Ago
      In for a penny, in for a pound. When the business I worked for filed for bankruptcy the various entities owed got 8 cents on the dollar. The funny thing is that most of the companies screwed went right back to the company and gave them new credit. The company is still around and doing much better, not great, but better than failing.
        Letstakeawalk
        • 1 Year Ago
        @Grendal
        I see restaurant owners go bankrupt frequently (and spectacularly), only to turn around and open up another restaurant using the same suppliers and vendors. Of course, the F&B business *is* a little more, ahem, well...
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