The company that acquired the assets of Fisker Automotive after its Chapter 11 bankruptcy filing is Hybrid Technology, LLC.
Hybrid Technology, LLC emerged as the winning bidder in a process to purchase the assets of Fisker Automotive. This acquisition plan was part of the hybrid carmaker's Chapter 11 bankruptcy proceedings filed in Delaware.
Key Aspects of the Acquisition
- Bankruptcy Proceedings: Fisker Automotive, known for its hybrid vehicles, initiated Chapter 11 bankruptcy protection. This legal action allowed for a structured sale of its assets to address its financial obligations.
- Winning Bidder: Hybrid Technology, LLC successfully won the bid to acquire Fisker Automotive's assets. This included assuming a significant portion of the loans that the federal government had previously extended to the company.
- Assumed Debt: As part of the agreement, Hybrid Technology, LLC took on $168 million in loans that the federal government had provided to Fisker. This was a crucial component of the asset purchase, facilitating the resolution of Fisker Automotive's financial distress.
Overview of the Entities Involved
To clarify the roles in this transaction, here's a brief breakdown:
| Entity | Role in Acquisition | Noteworthy Detail |
|---|---|---|
| Fisker Automotive | Original hybrid car manufacturer; debtor | Filed for Chapter 11 bankruptcy protection in Delaware. |
| Hybrid Technology, LLC | Acquirer of Fisker Automotive's assets; winning bidder | Assumed $168 million in federal government loans. |
| Federal Government | Loan provider to Fisker Automotive | Its loans were part of the liabilities assumed by the acquiring company. |
This acquisition marked a significant transition for the ill-fated Fisker Automotive, paving the way for its assets to be managed under new ownership.
