Summary
- Troubled EV maker Fisker approved for bankruptcy plan to sell remaining inventory
- Deal includes sale of 3,231 units for $46.25 million to American Lease
- Approval came after American Lease committed extra $2.5 million for tech support services
- Bankruptcy filing allows Fisker to pay off debts and transfer intellectual properties
- Concerns from Ocean owners addressed with tech support deal, includes access to service shops across US and Canada
Article
Troubled EV maker Fisker has been approved for its bankruptcy plan to sell off its remaining inventory, with a deal to sell 3,231 units for $46.25 million to American Lease. The deal includes the liquidation of new, previously owned, and damaged units, with each EV valued between $2,500 and $16,500. However, the deal was almost stopped due to concerns about transferring Fisker’s essential data and support services to American Lease’s servers. To resolve this issue, American Lease committed an additional $2.5 million over five years to access Fisker’s tech support services, leading to the approval of the bankruptcy filing and benefiting current Ocean EV owners.
U.S. Bankruptcy Judge Thomas Horan approved the Fisker filing, allowing the company to pay off debts by selling its remaining EVs and transferring intellectual properties to creditors. Without the tech support deal, Ocean owners would have been left without crucial vehicle software updates and diagnostic data. This approval came after concerns from Ocean owners about the fate of their vehicles following the bankruptcy filing. However, Fisker announced the approval of 23 service shops across the U.S. and Canada, easing these concerns.
Fisker had been teetering on the brink of bankruptcy for months before officially filing, especially after a potential buyout by Nissan fell through earlier in the year. The company also faced scrutiny from the Securities and Exchange Commission (SEC), receiving multiple subpoenas and facing opposition to the liquidation plans. The CEO of Fisker made a significant sacrifice to save the company from total collapse, highlighting the challenges faced by the EV maker and the lengths taken to ensure its survival.
Overall, the approval of Fisker’s bankruptcy plan with the additional tech support deal provides a path for the company to pay off debts and benefit current EV owners. The resolution of concerns about data transfer and support services secures a future for Ocean owners to continue accessing essential updates and diagnostic information. Despite facing financial turmoil and regulatory scrutiny, Fisker’s CEO’s dedication to saving the company demonstrates a commitment to overcoming challenges and ensuring the longevity of the EV maker in a competitive market.
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