Fisker Automotive filed for Chapter 11 bankruptcy protection today.
As part of a restructuring plan and to fund the sale, Hybrid Tech Holdings LLC will buy Fisker’s assets with $8 million in debtor-in-possession financing.
Instead of going down with the ship, executives stayed on board, operating as a mere shell of its former self in search of a buyer.
The company put up a new Web site in May after allegedly failing to pay its Web designer, but never once replied to inquiries sent by this publication to its media inquiry page and via phone.
Fisker executives reportedly resisted bankruptcy during the months of dormancy for strategic purposes even though it was essentially dead in the water.
Due in part to debts, including $168 million to the federal government, $1 million in back taxes to the state of Delaware, and contractual obligations to invest and create jobs in the U.S., would-be suitors made low-ball offers or ultimately shied away and a suitable buyer was never found.
In October, the U.S. Energy Department which had oversight in decisions made, cut its losses, and auctioned the assets for $25 million.
“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 a statement by 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.”