Fisker Files for Chapter 11 Bankruptcy Defense

Fisker has filed for Chapter 11 bankruptcy defense as part of a rebuilding plan and sale to an investor team.

Buying Fisker’s remnants will be Hybrid Tech Holdings LLC, which will also give $8 million in debtor-in-possession financing to fund the sale and rebuilding. The U.S. Department of Energy sold off its loan to the investor team for $25 million according to the vice chairwoman of the House Energy and Commerce Committee, Representative Marsha Blackburn.

“After having evaluated and checked all other alternatives, we believe the sale to Hybrid and the related Chapter 11 process is the most convenient alternative for maximizing Fisker Automotive’s value for the benefit of all stakeholders,” Marc Beilinson, Fisker Automotive’s chief rebuilding officer, said in a statement. “We hope that the Fisker Automotive technology and production capability will stay a guiding force in the evolution of the automotive industry under Hybrid’s management.”