electric carmaker fisker files for bankruptcy
Last Updated : GMT 06:41:18
Arab Today, arab today
Arab Today, arab today

Asset purchase agreement with Hybrid Tech Holdings

Electric carmaker Fisker files for bankruptcy

Arab Today, arab today

Arab Today, arab today Electric carmaker Fisker files for bankruptcy

Fisker Automotive shows off the Karma S plug-in hybrid
Detroit - Arab Today

Fisker Automotive shows off the Karma S plug-in hybrid Fisker Automotive, whose high-end electric cars caught the eye of Justin Bieber and other celebrities, has filed for bankruptcy protection. The California-based company also announced it had entered an asset purchase agreement with Hybrid Tech Holdings, LLC.
"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," Marc Beilinson, Fisker's chief restructuring officer, said in a statement Friday.
"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."
Fisker was started in southern California in 2007 by former Aston Martin and BMW designer Henrik Fisker and German business partner Bernhard Koehler.
While it did not have the expected success with its pricey hybrid Karma sports car -- which it billed as "a bold expression of uncompromised responsible luxury" -- it did attract interest from the likes of stars such as Bieber, Leonardo DiCaprio and Ashton Kutcher.
Having struggled financially for some time, the company announced in April that it was laying off 75 percent of its workforce.
The bankruptcy could become a political hot potato because the US government had focused on Fisker to encourage the development of green energy, providing it with loans.
The Wall Street Journal cited the Department of Energy as saying it had recovered $53 million of the $192 million Fisker owed to the government, leaving $139 million unpaid.
Two Republican members of Congress -- House Energy and Commerce Committee Chairman Fred Upton and Oversight and Investigations Subcommittee head Tim Murphy -- have already lashed out over the matter.
"Fisker's collapse closes yet another sad chapter in (the Department of Energy's) troubled portfolio," they said in a joint statement.
"The jobs that were promised never materialized and, once again, taxpayers are on the hook for the administration's reckless gamble."
During the 2012 US presidential election campaign, Republicans repeatedly highlighted the fate of solar energy firm Solyndra, which went bankrupt after getting a $500 million government loan guarantee.
Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

electric carmaker fisker files for bankruptcy electric carmaker fisker files for bankruptcy

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

electric carmaker fisker files for bankruptcy electric carmaker fisker files for bankruptcy

 



Arab Today, arab today
Arab Today, arab today Skincare PR Performance Full Year 2017

GMT 10:35 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Arab Today, arab today New hunt for flight MH370 gets under way

GMT 02:36 2018 Wednesday ,24 January

New hunt for flight MH370 gets under way
Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation
Arab Today, arab today France sanctions businesses linked

GMT 01:58 2018 Wednesday ,24 January

France sanctions businesses linked
Arab Today, arab today Turkey detains dozens more

GMT 02:09 2018 Wednesday ,24 January

Turkey detains dozens more
Arab Today, arab today
Arab Today, arab today

GMT 07:22 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 07:23 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 22:38 2018 Tuesday ,23 January

Bahrain Press headlines

GMT 20:34 2018 Saturday ,20 January

Bahrain press headlines

GMT 16:25 2016 Thursday ,22 December

Italian bank Monte Paschi edges closer to state bailout

GMT 06:03 2014 Wednesday ,09 April

Please .. Let Gaza breathe!

GMT 09:12 2017 Friday ,17 November

Gleam Futures represents Grace Beverley

GMT 04:18 2017 Sunday ,26 November

Bella magazine appoints celebrity writer

GMT 06:00 2017 Sunday ,29 October

Childrenswear brand Once appoints Dyelog

GMT 16:33 2014 Thursday ,13 November

Al-Ehtimam Bil Aakhareen

GMT 03:34 2017 Sunday ,05 November

Needle & Thread relocates press office

GMT 14:56 2017 Thursday ,21 December

Ryanair says formally recognises pilots' union

GMT 16:03 2017 Thursday ,21 December

US hits Myanmar general in new global rights sanctions
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday