Fisker Files for Bankruptcy, Sells Assets to Hybrid Tech

It's been about a year and a half since Fisker has built the last Karma, and the American EV manufacturer has finally filed for Chapter 11 bankruptcy protection after the Department of Energy (DOE) sold the company's assets to Hybrid Tech Holdings.
Fisker Karma 1 photo
Photo: Fisker Automotive
According to Bloomberg, DOE auctioned off Fisker's loan for $25 million, which means US taxpayers lost $139 million of the $192 million the automaker received in 2009.

Hybrid Tech Holdings is new investor group that was formed on October 29 in Delaware. There's no available info on the company at the time of writing and it is unknown whether or not Hybrid Tech plans to restart Fisker Karma production.

"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 maximizing Fisker Automotive's value for the benefit of all stakeholders," said Marc Beilinson, Fisker Automotive's Chief Restructuring Officer. "We believe that the Fisker Automotive technology and product development capability will remain a guiding force in the evolution of the automotive industry under Hybrid's leadership."
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About the author: Ciprian Florea
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Ask Ciprian about cars and he'll reveal an obsession with classics and an annoyance with modern design cues. Read his articles and you'll understand why his ideal SUV is the 1969 Chevrolet K5 Blazer.
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