After months of uncertainty, Fisker Automotive has filed for bankruptcy and been sold to investment group Hybrid Tech Holdings LLC.
Under the terms of the agreement, Hybrid Tech Holdings will acquire "substantially all" of Fisker's assets for $25 (€18.4) million. This effectively means U.S. taxpayers lost approximately $139 (€102.5) million dollars on the failed automaker.
In a statement, Fisker Automotive Chief Restructuring Officer Marc Beilinson said "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." He added, "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."