- The car manufacturer has yet to sell its Austria-based assets or its intellectual property.
- A New York-based leasing company will buy the carmaker’s remaining inventory of Ocean SUVs.
- The Fisker Owners Association says it’s happy with the outcome.
A court in Wilmington, Delaware, has approved Fisker’s bankruptcy liquidation plan, although it was only given the thumbs up by a judge after some last-minute negotiations.
A key part of the liquidation will see Fisker sell approximately 3,000 Ocean SUVs in its inventory to American Lease, a company based in New York that leases Uber and Lyft vehicles. The firm will pay $46.25 million for the vehicles. However, in order to be able to transfer essential data and support services to new servers, American Lease has agreed to pay an extra $2.5 million over five years for future tech support services.
Read: Fisker Left Their HQ Full Of Prototypes And Hazardous Junk
Fisker held a series of meetings with its creditors and owners to finalize the agreement over the past week. Judge Thomas Horan approved the plan despite the defunct carmaker facing a Securities and Exchange Commission investigation into possible securities violations before it filed for bankruptcy. Henrik Fisker and his wife, Geeta Gupta-Fisker, who served as the brand’s chief financial and operating officer, are also facing multiple lawsuits from shareholders.
Fisker has also agreed to cover all the costs of two ongoing recalls, shortly after the U.S. Department of Justice said Fisker’s plan to force owners to pay for the labor costs involved in recall repairs was illegal.
“We’re happy with the outcome today, and we’re optimistic about the future,” said Brandon Jones, president of the Fisker Owners Association. “There’s still some discussion and negotiation needed, but we’ll have the services we need to maintain our cars.”
Fisker still needs to sell its assets in Austria and can also sell its intellectual property, including its vehicle designs and software code. The proceeds from these sales will go into a trust, most of which will be paid to Fisker’s secured creditor, CVI Investments, and its investment manager, Heights Capital Management, the Los Angeles Times reports.
