Fisker Automotive files for bankruptcy

Discussion in 'American Cars' started by SupraMan, Nov 24, 2013.

  1. #1 SupraMan, Nov 24, 2013
    Last edited by a moderator: Apr 25, 2016
    Fisker Automotive files for bankruptcy

    November 25th, 2013

    Fisker Automotive has officially filed for bankruptcy on the back of the Californian car maker’s sale to investment group Hybrid Technology.

    After several attempts to rescue the company, Fisker filed for Chapter 11 bankruptcy on Friday afternoon, with Hybrid Tech Holdings stepping in to purchase its debts.

    Although Fisker still owed some US$168 million ($183 million) to the Department of Energy, Hybrid Tech Holdings was able to come to an agreement with the US government, purchasing Fisker’s loan for just US$25 million ($27 million).

    In 2010, the US Department of Energy awarded Fisker a US$529 million ($577 million) green-energy loan, as part of the Obama administration’s efforts to stimulate advanced vehicle development. Fisker collected more than US$190 million ($207 million) until February 2012, when the US government froze the loan because Fisker had failed to meet the performance targets set out for the company under the loan agreement.

    A subsidiary of Hybrid Technology, Hybrid Tech Holdings LLC has also purchased Fisker’s assets for US$8 million ($8.7 million), saying the sale is the first step towards eventually restarting production of Fisker’s Karma plug-in hybrid.

    Fisker’s chief restructuring officer, Marc Beilinson, released a statement on its bankruptcy and subsequent sale.

    “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 maximising Fisker Automotive’s value.”

    Fisker produced the rear-wheel-drive Karma from 2011 to 2012, rivalling the likes of the Mercedes CLS, Porsche Panamera, and Tesla Model S. The car paired a 193kW, 2.0-litre turbocharged engine with two 120kW/479Nm motors, and had a claimed electric range of 51km. A series of dramatic incidents involving Karmas catching fire damaged the car’s reputation, however, and more than 230 cars were recalled, most of which had only just reached dealerships.
  2. Why am I not surprised
  3. I still see them very often in my town, I wonder how many were sold in my country

    edit: dutch importer (which is located in my town) claims over 150
  4. According to Obama these guys could sell 75,000 units annually of a $100,000 car.

    What happened?
  5. Hired an ex-GM guy at a big position
    Couldn't find enough investors
    Its battery supplier went bankrupt
    Over 300 Karmas were flooded by a hurricane

    And now Fisker's been bought by Hybrid Tech, which I don't know much about
  6. I think you're missing the point.

    Somewhere along the line it simply has to be Obama's fault.
  7. that was for a different car that never saw production because of the problems moo stated.
  8. Probably becuase Lutz has been buying up what is left of them since January.
  9. well, seeing the weather machine is a presidential device, I think spyder might be right
  10. um....

    someone gave Beiber a chromed out one?

    that was basically the nail in the coffin
  11. yes.

    a thousand times yes.
  12. Good riddance. Tesla is doing a much better job with the whole electric American sports sedan thing anyway. Elon Musk is also far more likable than Henrik Fisker.
  13. Sucks, I really like the Karma
  14. Not suprised. The Karma's look good on the photographs but I have never seen one in real life.
  15. I've seen quite many, I think they're pretty cool what they are
    Not Quattroporte-cool to look at, but still having plenty of presence
  16. They're good looking cars in person. The Tesla is comparatively boring, if a bit more luxurious. I think there's a place for both of them.
  17. #19 dahldrin, Mar 25, 2014
    Last edited by a moderator: Apr 25, 2016

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