The Fisker Automotive company is back in bankruptcy court to determine whether or not another company will be allowed to purchase its assets or whether they will go to auction. The coming weeks will be instrumental in determining the future of the company and its assets, and preparations are being made for how to handle the impending results and ramifications.
About Fisker Automotive
Fisker Automotive is a private corporation founded in 2007, by Henrik Fisker and Bernhard Koehler. The company is based out of Anaheim, California and employs some 50 plus employees. Fisker’s lone product, the Fisker Karma, was one of the first plug-in hybrid electric vehicles in the world. The company also produced a number of different concept vehicles that never hit the market.
The Bankruptcy Process
After Henrik Fisker resigned in March 2013, the company announced it had hired lawyers to help them in filing for bankruptcy. Some six months later, on November 22, 2013, Fisker officially filed for chapter 11 bankruptcy. The next day it was announced that a company by the name of Hybrid Technologies had a desire to acquire Fisker. The company has agreed to let Hybrid purchase its assets, but now must wait on approval from the bankruptcy court.
The bankruptcy process has been a long one, and Fisker is no-doubt looking for an end to the drama soon. If the bankruptcy court rules against Hybrid Technologies’ purchase of Fisker’s assets, the assets will be opened up to an auction and accept formal bids. A second company interested in the assets is Wanxiang, a Chinese based automotive manufacturing company.