After 18 months of not building any vehicles, plug-in vehicle company Fisker finally threw in the Chapter 11 towel today, filing for bankruptcy protection. The Department of Energy sold its Fisker assets to Hybrid Tech Holdings LLC for $25 million, at a reported $139-million loss. Other reports say the DOE invested $192 million in Fisker, and only got around $53 million back. The DOE put Fisker up for auction last month. Fisker also apparently owes creditors up to a billion dollars. Whatever the exact figures, the point is that the Fisker saga now enters a new phase.
Hybrid Tech Holdings is a somewhat mysterious investor group, one that does not have a website for more information, as far as we can tell. Spokeswoman Caroline Langdale told Bloomberg that she could not reveal who's behind the group, or even where it is located. "Unfortunately we can't comment beyond the press release at this time," she said. This won't be the last we hear of Fisker, though. Bloomberg says the LLC bought the Fisker remnants so it can, "eventually restart... production and sale of the Karma," as well as "other hybrid-electric vehicles." Fisker's press release is available below.
Hybrid Tech Holdings is a somewhat mysterious investor group, one that does not have a website for more information, as far as we can tell. Spokeswoman Caroline Langdale told Bloomberg that she could not reveal who's behind the group, or even where it is located. "Unfortunately we can't comment beyond the press release at this time," she said. This won't be the last we hear of Fisker, though. Bloomberg says the LLC bought the Fisker remnants so it can, "eventually restart... production and sale of the Karma," as well as "other hybrid-electric vehicles." Fisker's press release is available below.
Fisker Automotive Announces Agreement for Asset Sale to Hybrid Tech Holdings
ANAHEIM HILLS, Calif., Nov. 22, 2013 /PRNewswire/ -- Fisker Automotive, Inc. and Fisker Automotive Holdings, Inc. (collectively, Fisker Automotive) announced today that they have entered into an asset purchase agreement with Hybrid Tech Holdings, LLC (Hybrid) for the sale of substantially all of its assets.
Hybrid is the lender under an approximately $170 million loan secured by first liens on substantially all of Fisker Automotive's assets. Hybrid's parent, Hybrid Technology, LLC (Hybrid Technology), purchased the loan from the U.S. Department of Energy (DoE) after DoE conducted a robust marketing process and auction.
To facilitate the sale process and provide for orderly distributions to creditors, Fisker Automotive has voluntarily filed petitions under Chapter 11 of the U.S. Bankruptcy Code. Hybrid Technology has committed up to approximately $8 million in debtor-in-possession (DIP) financing to fund the sale and Chapter 11 process.
"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," said Marc Beilinson, Fisker Automotive's Chief Restructuring Officer. "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."
ANAHEIM HILLS, Calif., Nov. 22, 2013 /PRNewswire/ -- Fisker Automotive, Inc. and Fisker Automotive Holdings, Inc. (collectively, Fisker Automotive) announced today that they have entered into an asset purchase agreement with Hybrid Tech Holdings, LLC (Hybrid) for the sale of substantially all of its assets.
Hybrid is the lender under an approximately $170 million loan secured by first liens on substantially all of Fisker Automotive's assets. Hybrid's parent, Hybrid Technology, LLC (Hybrid Technology), purchased the loan from the U.S. Department of Energy (DoE) after DoE conducted a robust marketing process and auction.
To facilitate the sale process and provide for orderly distributions to creditors, Fisker Automotive has voluntarily filed petitions under Chapter 11 of the U.S. Bankruptcy Code. Hybrid Technology has committed up to approximately $8 million in debtor-in-possession (DIP) financing to fund the sale and Chapter 11 process.
"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," said Marc Beilinson, Fisker Automotive's Chief Restructuring Officer. "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."
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