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Fisker creditors want a repayment do-over

In February, the Chinese company Wanxiang won control of Fisker Automotive at a bankruptcy auction for a final bid of $149.2 million. The sale meant that Wanxiang would now have to deal with all of the creditors claiming that Fisker owed them money. Those individuals and groups had a combined $1 billion in claims, and they're not happy with how the bankruptcy is shaking out. In April, a settlement was announced that would see those unsecured creditors get back pennies on the dollar. The unsecured creditors are telling the bankruptcy court that they want the judge to take away control of the bankruptcy proceedings from Fisker and implement a new repayment plan. The request was filed by a committee representing the creditors, which said it could have the new plan submitted in a matter of days, if the judge agrees with the request. The committee says there are "unreasonable demands" in the current repayment plan, such as a big paycheck for Fisker's chief restructuring officer, worth $750,000. If the judge allows the unsecured creditors to file a new plan, it will result in the "best possible outcome," the filing said. We admit we're feeling a bit confused and dragged along by the Fisker bankruptcy proceedings. And we're quite sure that the new owners have got to be fed up as well, since they're likely to be in a bit of a time crunch if the company's really going to re-start Karma production next year.

Fisker could be renamed when production restarts in 2015

The Orange County Register has an update on Wanxiang's plans for Fisker, and it starts with the idea that you would see brand new Karmas back on the road in mid-2015. From there the goals get less certain, the OCR saying the Surf station wagon "could ship in 2016" and the mid-priced Atlantic "might come in 2017." The targets came from an interview with interim CEO Roger Brown as he laid out how fluid the present situation is. The primary certainty, according to Brown, is that new owner Wanxiang is determined to execute on its vision and "build a great car company." The puzzle pieces that make that picture are still being assembled – even the name of the post-bankruptcy company, Fisker Automotive for now, is being debated. No matter what the name will be, Wanxiang and Brown need to establish the blood and bones of a company that can provide what the original Fisker Automotive didn't. Brown said they're looking for a permanent CEO over the next three months, they need to settle on a location for headquarters and increase the staff from the current 25 to the 200 or so necessary to engineering a fully fleshed-out Karma and successive products, and figure out where cars are going to be built. Concerning workers, Brown revealed that, "We've been flooded with people that want to come back." As for manufacturing in the Delaware plant that Fisker Automotive still controls or somewhere else, we've heard there are even odds on US production, but the final answer will probably be delivered by the new CEO.

New Fisker claims 50-50 chance it will build cars in Delaware

As soon as the bankrupt Fisker Automotive started crawling back from the dead, rumors that the new owners would restart production of the Karma plug-in hybrid crawled as well. We've heard that the car would be built in the old General Motors plant the company owns in Delaware, that it would happen in Michigan or that Valmet would get going again in Finland. Nothing official has yet been announced, but Delaware Online is now saying that it's even money that Delaware to play a role in Fisker's physical rebirth. "It definitely makes economic sense to consider [the Delaware] facility" – Roger Brown Roger Brown is the interim president of Fisker Automotive and recently said that there is a "50-50" chance that the Newport, DE will be where the company rises again. "We inherited this situation, and because the facility is one of the assets we purchased, it has ... good bones, it has a paint shop, and you know, it definitely makes economic sense to consider that facility," he told Delaware Online. Before Fisker's bankruptcy, Delaware offered over $20 million in incentives to get the automaker to build cars there. It never did, and a recent settlement agreement does not give the state much of a return on that money. The bankruptcy proceedings are not yet finished, but Brown made what has to be considered a bold statement. In deciding which locations makes sense to restart production, he said that, "if they provide incentives, obviously that would go into the equation; if they don't, obviously that would go into the equation also." The closest that the new Fisker has come to saying where it will restart building cars is in documents that new owner Wanxiang filed with a federal court earlier this year. That three-part plan included restarting Karma production at Valmet, using partner VL Automotive's manufacturing facility in Michigan and then building the Atlantic somewhere. Brown gave a timeline to Delaware Online - new Karmas by August 2015, start building the Surf shooting brake by March 2016 and then add in the Atlantic by the end of 2017 - which would give Fisker time to tool up the Delaware plant for the Atlantic. Brown also said that building with VL Automotive has now been ruled out.