Tech News
The fight over Fisker’s assets is already heating up
Fisker has recently entered Chapter 11 bankruptcy, sparking a heated battle over its assets with claims of unauthorized asset liquidation. The conflict revolves around the relationship between Fisker and its primary secured lender, Heights Capital Management, who provided over $500 million in funding in 2023. This funding, initially unsecured, was later secured after Fisker breached a covenant, granting Heights significant leverage in determining the fate of the company’s assets.
Representatives of unsecured creditors have expressed concern over the handling of the bankruptcy proceedings, alleging that Fisker has been engaging in questionable asset liquidation to benefit Heights. Despite an agreement in principle to sell off remaining inventory, uncertainties remain regarding the repayment of debts to creditors. The situation has led to speculation about the potential conversion to a Chapter 7 liquidation, leaving creditors with limited returns.
The parties involved will reconvene for further discussions on June 27, with Judge Thomas Horan commending their efforts in navigating the complex case amidst a flurry of filings. While acknowledging the challenges faced by all parties, Judge Horan expressed optimism about the progress made and the collaborative approach taken thus far.
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