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Lawyers for Fisker Automotive Holdings Inc. have managed to convinced United States Bankruptcy Judge Kevin Gross in Wilmington that the carmaker’s Chapter 11 should proceed at an unusually rapid pace. Gross began a Tuesday hearing by suggesting that Fisker should slow down its plan to sell its assets to Hong Kong tycoon Richard Li and give creditors four more weeks to get hold of the situation, saying that it should “allow time for the creditors' committee to continue and complete its investigations."
Fisker filed for bankruptcy on Nov. 22, 2013, while a creditors' committee was established on Thursday. The carmaker has not built a car in almost 18 months and Gross said that there was no business that has to be rescued via bankruptcy. "This is not the case of a melting iceberg or a burning omelet or anything of that nature," he said.
Attorneys for both Fisker and its creditors beg to disagree. In fact, no one took up the judge's suggestion to slow the process. said Sunni Beville, a lawyer at Brown Rudnick who represents the committee of unsecured creditors, remarked that the creditors' committee agreed that Fisker’s timeline is the “right timeline."Read the entire article Judge okays quick Chapter 11 proceedings for Fisker
Fisker Automotive has filed for Chapter 11 bankruptcy protection as part of its restructuring plan. Investor group Hybrid Tech Holdings LLC is acquiring Fisker's assets and is providing $8 million in debtor-in-possession financing to fund the carmaker's sales and restructuring. The United States Department of Energy sold its green-technology loan in Fisker to Hybrid Tech for $25 million.
Hybrid Tech bought one loan granted by the Department of Energy that has an initial worth of $168 million. The sale allowed DOE to recoup around $53 million on its $192 million investment in Fisker. Marc Beilinson, Fisker's chief restructuring officer, said in a statement that after evaluating and pursuing all other alternatives, the sale to Hybrid and the related Chapter 11 filing is the best alternative for maximizing the carmaker's value for "the benefit of all stakeholders."
He said that under Hybrid's leadership, Fisker's technology and product development capability "will remain a guiding force in the evolution of the automotive industry." Hybrid Technology said in a statement that the purchase of the government loan was the first step toward resuming production and sale of the Fisker and the development of other hybrid-electric vehicles.Read the entire article Fisker files for Chapter 11 bankruptcy protection
Sources say that Fisker is preparing to file Chapter 11 and that this may take place within the next few days. It’s believed that Fisker’s lawyers have readied the bankruptcy documents and that options will be discussed on Tuesday at a meeting to be attended by Fisker's board of directors.
The source said that the directors, who have not given up on a potential sale, are likely to choose the best time for a possible Chapter 11 bankruptcy filing at that time. In the past several months, the relationship between the DOE and Fisker has been tense.
The top Fisker executives have been ineffectively trying to draw in buyers, primarily in China and Europe, to hinder bankruptcy. The source said that the government hopes to put a distance between it and Fisker's financial struggles so that the next DOE secretary won’t have to handle the problem.Read the entire article Fisker preparing to file Chapter 11 within the next few days
Fisker Automotive Inc. has asked a bankruptcy judge to postpone the auction of A123 Systems Inc., a U.S.-based electric-car battery maker. Gregg Galardi, the attorney of the luxury hybrid automaker, has filed court papers in Wilmington, Del., to state that if the sales process is rushed, it will hurt the estates and deny creditors of value that may be encountered through higher and superior offers.
He also said that Fisker will file an “emergency motion” to challenge the so-called debtor-in-possession loan. He declined to reveal details. Court papers indicate that Fisker is asking to extend the bid deadline, auction date and related dates and deadlines in the bidding procedures request by a minimum of 30 days.
A123, which was given a $249 million federal grant, said it will sell its automotive-business assets to Johnson Controls Inc. in a $125 million deal. The deal is subject to other potential offers in a bankruptcy auction. In Chapter 11 documents, A123 (which is based in Waltham, Mass.) posted assets of $459.8 million and debt of $376 million as of Aug. 31. According to court documents, A123 is scheduled to go back to court next week to get approval of what remains of a $72.5 million loan.Read the entire article Fisker asks bankruptcy judge to postpone the auction of A123 Systems
Former Aston Martin designer turned entrepreneur, Henrik Fisker, is known for designing models like the Aston Martin DB9, the BMW Z8, the Fisker Karma or Karma Revero, and the newest one out there, which is the Fisker EMotion. But there is another model here that you probably did not even know of - the 2006 Fisker Latigo.
Fisker only built one example of this model, making it the very first and last production model. And it is now up for grabs on the website Bring a Trailer. To get this rare model brand new, it would have cost about $216,000; but currently, its value has gone down a bit and bidding is now set at about $37,500.
Fisker’s original plan was to build 150 units of the Latigo. But after they developed the prototype and built the first production model, the project was halted. One of the reasons for this was the rising of oil prices. This coachbuilt Fisker sits on the same platform as the 2006 BMW M6, while featuring a rebuilt 5.0 liter V10 tuned by RD Sport, which is paired to a seven speed sequential manual transmission. With that engine, this model can produce 665 horsepower (495 kilowatts).Read the entire article Ultra-rare 2006 Fisker Latigo based on BMW M6 is for sale
Electric vehicles are starting to become a norm in today’s world. Even the largest automakers try and follow this trend by developing their very own electric vehicles, where other companies focus on building electric cars solely.
Not so long ago, Henry Fisker announced the new EMotion, and we heard from them again earlier this week as they shared the battery specs for the electric super sedan. The company had an interview with The Detroit Bureau, and while at it, they confirmed that the battery in the EMotion is capable of holding 145 kilowatts per hour. In other words, it will have 45 percent more energy than that of the 100 kWh that the Tesla Models S and X have.
Fisker did not just mention the size of the battery, but they also said that it operates at 800 volts. So far, that is the highest that we have ever heard. In fact, it doubles that of what Tesla’s drivetrain offers. And the closest vehicle out there that can match that is the Koenigsegg Regera with its 4.5 kWh battery they got from Rimac Automobili.Read the entire article Fisker EMotion will receive a 145-kWh battery good for over 400-mile run
Fisker Inc.’s countdown to the official unveiling of the new Fisker EMotion in mid-August 2017 has practically started after the carmaker released the first official teaser images and some details of its latest electric car project.
According to Fisker, the new EMotion was designed all new from inside out, with its electric car proportions made into reality by a structure made from carbon fiber and aluminum. In penning the design of the new EMotion, Fisker focused on the safety and convenience of its passengers. In fact, Fisker’s patented frontal crash structure has already surpassed the current passenger safety standards. Likewise, the new EMotion provides a luxurious and roomy cabin that offers a generous amount of legroom.
As designed, the Fisker EMotion shown in the first official images look different from the prototype’s teaser images released in October 2016. Compared with the prototype, the new EMotion – assuming that this is the final design – has a smaller grille, more realistic headlights, and more stunning turn signals. The bright aluminum centerpiece on the front end of the EMotion is home to a LIDAR system. This technology is supported by two cameras on the side mirrors, allowing for a panoramic, 360-degree view.Read the entire article Fisker to start taking pre-orders for new EMotion on June 30, starting price is at $129,900
All is set for the unveiling of the comeback model for Fisker Inc., founded and led by well-known automotive designer Henrik Fisker. For those who are following Fisker’s latest and newest electric car project, the new Fisker EMotion, save this date on your calendar: August 17, 2017.
Henrik essentially announced the date for officially unveiling of the Fisker EMotion in a post in his Twitter account. In the same post, Henrik said that the new Fisker EMotion has an EV range of more than 400 miles. With this, Henrik is confirming some details of what were disclosed in October 2016. Back then, the carmaker divulged that the new Fisker EMotion will be revealed in mid-2017, with the capability go as fast as 161 mph.
The very impressive 400-plus-mile range of the new Fisker EMotion will be thanks to a new battery technology – as conceived by Fisker Nanotech and Nanotech Energy Inc. – that employs Graphene Supercapacitors. It simply means that it won’t be getting juice from a lithium-ion battery, which the current choice of energy source for existing electric vehicles.Read the entire article Fisker to unveil the new EMotion on August 17, 2017
British startup Zenos, which entered bankruptcy administration earlier this year is now back in business. The Norfolk-based sports car manufacturer was bought by a consortium of investors headed by AC Cars, another British brand. The consortium has acquired all of its assets including Zenos’ intellectual property, ten remaining cars assembled, as well as its Wymondham headquarters.
Zenos Cars was founded in 2012 by Ansar Ali and Mark Edwards ---both were formerly connected to two famous British automotive companies--Lotus and Caterham. The British automaker started out at Hethel Engineering Center with a small lineup of lightweight carbon-fiber sports cars including the Zenos E10. Using Ford EcoBoost for its engine, the Zenos E10 sports car is also made with an aluminum and composite chassis. Eventually, the company started experiencing financial setbacks due to high production cost.
AC Cars Limited meanwhile continues to manufacture the Cobra also known as the MkVI roadster or Shelby Cobra. Only recently, the British brand increased its lineup by building a right hand drive version of the iconic sports car.Read the entire article AC Cars saves Zenos brand from extinction
Remember Zenos Cars, a British carmaker that specializes in designing and building lightweight and high-performance sports cars? If you are wondering how the company is faring with their E10 lightweight car, Zenos hasn’t been doing well and is, in fact, in dire financial straits. The severity of its financial problems has the company compelled to enter into administration, a process that is similar to bankruptcy protection.
According to a notice on the carmaker’s Web site, the company was placed under administration on January 16, 2017, with Irvin Milton Cohen and Gary Paul Shankland -- both of Begbies Traynor (London) LLP -- being appointed as Joint Administrators. Cohen and Shankland are now acting as Zenos agents without any personal liability. As Joint Administrators, Cohen and Shankland are now in charge of the management of the carmaker’s affairs, business and property.
Zenos’ humble beginnings can be traced to May 2012, when it was founded by Ansar Ali and Mark Edwards. Edwards and Ali were both employees at Lotus, and then at Caterham. However, Ali left Zenos in 2015 and joined the ranks at McLaren – although he remained a shareholder. According to his LinkedIn account, Ali is now the managing director for McLaren Special Operations (MSO) at McLaren Automotive. Edwards is currently Zenos’ chief executive, although his management powers are now gone.Read the entire article British sports car startup Zenos Cars goes financially bust
Months after Fisker Inc. revealed the front end and, to some point, the profile of the new , the carmaker has now released an image of the rear end of its electric luxury sport sedan.
While the front section of the Fisker EMotion is a pure expression of technological aggressiveness, the rear end of this electric luxury sedan is a manifestation of sporty elegance. Its sportiness comes with the systemic curves as well as wide sculptural shoulders. This sense of athleticism is evident in the EMotion’s lower rear diffuser and integrated spoiler that should help this luxury sport sedan with regards to aerodynamics. One very interesting feature of EMotion’s rear end is its thin tail lights.
As designed by Fisker Inc. founder and car designer Henrik Fisker, the new Fisker EMotion doesn’t just exude unprecedented sportiness. That’s because it delivers an incredible technological prowess that’s packed with – just like its name suggests – plenty of emotion. Its front end features an extremely low bonnet – for aerodynamic enhancement – and a grille-less front fascia that seems like it came from the future. Of course, there would be no need for such a grille since the Fisker EMotion is electrically powered and thus features no conventional engine. Adding to the emotional nature of the Fisker EMotion is the unusually expressive boomerang-shaped headlamp unit that makes it seem that the electric luxury sports sedan is ready to jump into action anytime it is required to.Read the entire article Rear end of Fisker EMotion electric luxury sports sedan becomes talk of the town
In the near future, Fisker Automotive will no longer be known by that name, as its parent Wanxiang Group plans to rebrand it as Elux, two sources privy with the plan told Reuters. Likewise, Wanxiang will push back the relaunch of the Fisker Karma until mid-2016, after hoping to revive the hybrid sports car this year. The sources said the revised Fisker Karma will be known as Elux Karma, with the Fisker to be dropped.
They added that the hybrid sports car will not be assembled in Finland as earlier planned, although Wanxiang has yet to decided on a final production site for the Karma. They disclosed that Wanxiang plans to price the ELux Karma from around $135,000, which means a nearly 20-percent premium over the final tag of the original Karma.
Fisker Automotive considered was an early rival of Tesla Motors Inc., but failed just six years following its launch in 2007 – despite support from the United States government and private investors. It was co-founded by Danish designer Henrik Fisker, who was responsible for the design of sports cars like the Aston Martin DB9 and the BMW Z8. He resurfaced last fall as the designer of a special limited edition of the Ford Mustang.Read the entire article Fisker to be renamed as Elux starting next year
A Dutch appeals court has declared the bankruptcy of financially troubled Dutch supercar maker Spyker "null and void with retrospective effect." A local court placed the company in bankruptcy on Dec. 18 by a Dutch court after the bridging funds promised during creditor protection failed to materialize. Spyker only received the funds 11 days later and then filed an appeal on bankruptcy ruling.
The nullification of the bankruptcy declaration means that Spyker is now back under the protection of the "moratorium of payment," which is similar to the Chapter 11 protection in the United States.
With the matter resolved, Spyker chief executive Victor Muller said he plans to push ahead with development of the B6 Venator entry-level luxury sports car as well as merge with a US-based maker of high performance electric aircraft.Read the entire article Dutch appeals court cancels bankruptcy of Spyker NV
A Dutch district court has declared Spyker NV bankrupt, placing the financially troubled supercar maker under court-supervised receivership. Also placed under receivership are Spyker’s wholly owned subsidiaries Spyker Automobielen and Spyker Events & Branding. The court-appointed administrator for Spyker is now tasked to guide the carmaker through bankruptcy proceedings, the Dutch company said in a statement.
The carmaker said that the court ruled to declare it bankruptcy after a planned bridge funding failed to reach it on time. Spyker founder and chief executive Victor Muller has vowed to revive the company and this time around, he said that his company’s bankruptcy “is not the end.”
He remarked that he will “relentlessly endeavor” to revive Spyker as soon as practically possible. He said that once Spyker is revived, it would merge with a high performance electric aircraft maker and develop electric vehicles with “disruptive sustainable technology.”Read the entire article Dutch court sends Spyker NV into bankruptcy
Wanxiang Group Co. is hoping to roll out a second nameplate is in the works at Fisker Automotive, joining the Fisker Karma luxury plug-in hybrid in three years, according to Chairman Lu Guanqiu. The Wanxiang chairman said he hopes to launch Fisker’s second nameplate in 2017.
He did not provide details about the model. Wanxiang is currently working to revive output of the Karma at a site in Finland but is hoping it could someday build the luxury plug-in hybrid the United States.
Production of the Karma has been on hold since 2012, after it suffered from a horde of quality issues, fire incidents, recalls and a severe cash shortage – all leading to Fisker’s Chapter 11 bankruptcy filing.Read the entire article Wanxiang hopes to roll out second Fisker model by 2017
Back in August 2013, Wiesmann filed for insolvency at the Muenster court in Germany but by the end of the year the company announced that it found an investor, so everything looked good for the well-known carmaker. Today, we found out that Wiesmann closed its doors and that all its 125 employees were sent home, according to Dutch magazine Autovisie.
According to one of the employees, there were several investor calls but the money still didn’t come. As a result, Wiesmann closed its factory and the maintenance shop, which means that owners will have to take their cars to a BMW dealer as all of them are using BMW technology.
For those who don’t know, Wiesmann was founded in 1988, but in 2009 the first problems appeared as the company wanted to expand its factory in Dulmen and spent several million euros.Read the entire article Wiesmann closes its doors as it failed to found an investor
Creditors of the former Fisker Automotive Holdings Inc. want a bankruptcy court to permit them to submit their own liquidation plan for the collapsed carmaker. They are claiming that Fisker – now known as FAH Liquidating Corp. -- is asserting on terms that could cause on harm on unsecured creditors and place plan-approval at risk.
Lawyers for the creditors' committee said in a filing in the United States Bankruptcy Court in Wilmington, Delaware that if permitted, the creditors would offer a "consensual plan of liquidation" that leads to the "best possible" outcome and brings the bankruptcy process to a quick and cost-efficient conclusion.
The court approve in February the sale of FAH’s assets to Wanxiang Group Corp. for $149.2 million, which is nearly six times than what the defunct hybrid-car maker sought when it filed for bankruptcy.Read the entire article Fisker creditors want to file liquidation plan for carmaker
General Motors could potentially reduce its product liability relating to a recall of around 1.6 million vehicles caused by a faulty ignition if the carmaker would invoke the terms of its bankruptcy restructuring. The terms of GM’s restructuring tell that the carmaker’s product liability extends only to accidents that happened after the reorganized company – the new GM – emerged from bankruptcy in July 2009.
Plaintiffs injured before July 2009 would have to seek redress from the defunct shell of GM – the old GM -- in Bankruptcy Court, where the chances of gaining compensation is slim.
GM's original restructuring plan would have rendered the carmaker immune to liability claims from all of its pre-bankruptcy cars, including the oldest models covered by the ignition switch recall, like the Chevrolet Cobalt, Pontiac G5 and Saturn Ion. But due to intense discussions with state attorneys general and consumer groups such as the Center for Auto Safety, GM changed the terms.Read the entire article GM execs could invoke bankruptcy terms to reduce recall liability
United States Bankruptcy Judge Brendan Linehan Shannon has approved a plan by Fisker Automotive Holdings Inc. to borrow $4.98 million from Wanxiang Group. Fisker will return to court March 21 to ask for approval of the rest of a $10.5 million debtor-in-possession loan. The new financing will replace an $8.1 million loan from Hybrid Technology LLC.
Hybrid terminated the financing agreement and declared all principal and accrued interest due after Wanxiang won court approval to acquire the carmaker’s assets. Fisker filed for bankruptcy protection on Nov. 22 with a plan to sell its assets for around $25 million to Hybrid, which held a US government loan that Fisker had defaulted on.
However, Fisker’s unsecured creditors objected to the price and helped bring Wanxiang into the matter in December 2013.Read the entire article Court allows Fisker to borrow $4.98 million from Wanxiang
Fisker Automotive, now owned by China's Wanxiang Group, is planning to resume production of its Karma plug-in hybrid luxury car "within a year" as well as complete the half-finished development of a second model, according to Pin Ni, chief of Wanxiang America. Ni remarked that the production restart will be done at Fisker’s site in Finland, with an eye to re-commence sales of Karma cars in the United States and Europe.
The Fisker Karma hybrid-electric vehicle previously had a starting price of around $100,000 before the carmaker ceased production in 2012, following a series of missteps and recalls. Ni remarked that Wanxiang is finalizing business plans for Fisker and doesn't have a forecast for the number of Karmas that will be sold. Ni, however, noted that Wanxiang wants to sell more than what Fisker sold before under its previous management.
Fisker commenced selling the Karma in 2011 and was able to sell around 1,800 units before suspending production. The figure was far behind initial projections of around 11,000 Karmas by early 2012. Ni said that once Karma sales gain momentum, Fisker could start production of the model in the US. He noted that Fisker could choose from a number of options of the Karma’s US production, including cooperating with "a potential partner out of Michigan."Read the entire article Fisker intends to restart Karma production this year
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