William Maley
Staff Writer - CheersandGears.com
November 25, 2013
The Department of Energy (DOE) announced on Friday that it had found a buyer for dormant automaker, Fisker. The buyer is Hybrid Tech Holdings, LLC, a company founded by Richard Li, one of the people who was interested in buying Fisker. So how much did Hybrid Tech pay for the assets of Fisker? Reports say around $25 million, which means the DOE lost around $139 million in its investment into Fisker.
To keep the transfer process smooth and make sure Fisker's creditors and suppliers get paid, the company has filled for Chapter 11 Bankruptcy in a California court.
"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. 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," said Marc Beilinson, Fisker Automotive's Chief Restructuring Officer in a statement.
What does Hybrid Tech have in mind for Fisker? The company plans to restart production and sales of the Karma sedan, and work on developing new vehicles.
"As we continue to examine Fisker's opportunities, we will be making decisions about the structure and footprint of the new business," said Caroline Langdale, a spokeswoman for Hybrid Technology.
Source: Automotive News (Subscription Required), Fisker
William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.comor you can follow him on twitter at @realmudmonster.
Press Release is on Page 2
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