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As Fisker heads toward liquidation, creditors fight over assets

NEW YORK — Electric vehicle startup Fisker is headed towards a liquidation, attorneys said in U.S. bankruptcy court on Friday, as two creditor factions previewed a battle over which group will be paid first.  Fisker filed for bankruptcy protection in Delaware on Monday after burning through cash in an attempt to ramp up production of its Ocean SUVs. The company initially said it would seek additional financing and continue "reduced operations," but Fisker's attorney Brian Resnick said at the hearing in Wilmington the company does "not currently anticipate being able to obtain financing."  Resnick told U.S. Bankruptcy Judge Thomas Horan that the company planned to liquidate its assets, and it has reached a tentative deal with a single buyer for all of its 4,300 vehicles.  The California-based company, founded by automotive designer Henrik Fisker, was never profitable, with about $273 million in revenue in 2023 and a net loss of $940 million.  Fisker owes over $850 million to two groups of bondholders, and attorneys for the larger group accused a minority faction led by Heights Capital Management of seizing control of Fisker's debt in November through a "suspect" transaction with Fisker.  At the time, Fisker was late in providing audited financial statements due under its debt agreements, and Heights used that "minor, technical default" to claim all of Fisker's assets as collateral on its bonds, Alex Lees, an attorney for other bondholders, said.  "They basically handed the whole business over to Heights," Lees told Horan. "Fisker has been liquidating outside of this court's supervision, basically for one creditor's sole benefit."  Lees said that Fisker should have filed for bankruptcy in November. His group intends to challenge the November agreement that put Heights at the front of the line for repayment in Fisker's bankruptcy, Lees said.  Heights' attorney Scott Greissman said Lees' claim was "outrageous" and that Heights tried to help Fisker survive.  "There may be a lot of disappointed creditors, but none more than Heights," Greissman said.  Greissman said the expected sale of Fisker's fleet would pay only a "fraction" of Heights' $185 million in debt. That would leave little hope of repayment for other creditors.  Linda Richenderfer, an attorney for the U.S.

Henrik Fisker returns with plans to build a 400-mile electric car

What goes around, comes around. What's past is prologue. Those who don't study the past are ... oh, you get the picture. Henrik Fisker is coming back, again, with an all-new, all-electric vehicle. The name for the new brand? Why, Fisker, of course. At some point in late 2017, Fisker will reveal the "spiritual successor" to the maligned Fisker Karma, he recently told Bloomberg. Unsurprisingly, given Fisker's history, the new EV will be a premium vehicle that could have a range of more than 400 miles on a charge. A lower-cost EV (think $40,000) will follow. Fisker told Bloomberg that the reason he wants to get back into the EV world is because battery technology keeps on advancing: We have really been working in stealth mode. For the last two years I have been looking at battery technologies and wanted to see if there was something that could really give us a new paradigm. We had the strategy of developing the technology as fast as possible without getting tied down to a large organization, which would hold us back. Now we have the technology that nobody else has. And there is nobody even close to what we are doing out there. All Fisker would say about the look is that it will be, "sporty and spacious" and that, "there is no excuse for making an ugly car, even with new technology." Fisker's new company will be called Fisker, Inc., with the we've-got-all-the-tech battery division called Fisker Nanotech. The new technology is being developed at UCLA, Bloomberg says. Once Fisker, Inc. proves the tech is real, the plan is to sell it to an OEM. Fisker, Inc. is even keeping the same logo as when Fisker made the Karma PHEV as Fisker Automotive. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: BloombergImage Credit: FREDERIC J. BROWN/AFP/Getty Images Green Fisker Electric Luxury Henrik Fisker nanotech fisker inc

Fisker teases Ronin GT four-door before August 3 investor day

Fisker feels it's far enough along in the automaking process and has enough product in the near-term pipeline to hold an investor day. That will come on August 3. Whetting appetites, the CEO teased the Ronin GT that's been in the works for years. We believe this is an evolution of the Fisker EMotion that Fisker talked about in 2018, then a coupe with novel butterfly rear doors, a 400-mile estimated range, and a price around $129,000. What we're seeing now has come out of the Magic Works outpost set up in England and run by Aston Martin's former head of special projects David King. Henrik's caption with the Instagram tease was, "Fisker Ronin, All Electric super GT! Reveal August 3rd! Super fast & space for 5! The ultimate long distance Grand Touring car with an anticipated range of 600 miles!" This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Fyi, that's 600 miles of range on the WLTP cycle. Plenty of distance still, although it's a small climb down from the targeted 660 miles of range we heard about in May 2022.  Fisker only calls this an electric grand tourer in the Insta post. On the Fisker site, the car is called "the world's first all-electric, four-door convertible, GT Sports Car." There's a shut line across the roof, placed where the absent B-pillar would otherwise make itself known. Another shutline separates the center panel from the C-pillar, just where one would expect a three-piece hardtop to separate so that it can fold into the trunk. Assuming this comes to pass, the Ronin will be the first and last entry in the four-door convertible GT market in the U.S., and the only genuine hardtop convertible on sale here (as opposed to the targa setups on cars like the Chevrolet Corvette and McLaren 750S).   In terms of specifications, all that's been announced is that the Ronin will offer "extremely high levels of performance" and serve as "a showcase for [Fisker's] internal engineering, powertrain and software capabilities." The vehicle battery's been integrated into the structure, and active aero is going to play a part. The company's promised to keep the price below $200,000.     Investor Day will also show the production Fisker Pear city vehicle, and we hear the Alaska pickup, based on the Ocean, might make a cameo. Fiskerati reports Fisker having said of the pickup, "that’s really our take on a very unique super sporty pickup truck.