Fisker bankruptcy faces obstacle as fleet sale is now uncertain

Fisker’s Chapter 11 bankruptcy faces a setback as the buyer of the remaining fleet of electric SUVs raises concerns about a technical issue that may prevent the completion of the purchase. American Lease, the New York-area leasing company, reveals that Fisker believes it is impossible to transfer vital information connected to each SUV to a new server not owned by the bankrupt startup. This unexpected development prompts American Lease to file an emergency objection to Fisker’s liquidation plan, which was expected to be confirmed in bankruptcy court this week.

The leasing company has already paid “tens of millions of dollars” following the approval of the purchase agreement for over 3,000 Ocean SUVs in July. These funds were crucial for Fisker to finance the bankruptcy process, settle debts, and prepare to liquidate assets worth approximately $1 billion. However, the revelation about the inability to transfer essential information comes amidst a chaotic week for Fisker’s bankruptcy proceedings, with new filings revealing investigations by the U.S. Securities and Exchange Commission and objections regarding recall repairs.

American Lease requests a delay in the upcoming hearing to conduct expedited discovery on Fisker and its representatives to understand more about when the company became aware of the transfer issue. The leasing company emphasizes the significance of this late disclosure, especially after significant payments have already been made. Despite the developments, Fisker’s spokesperson has yet to comment on the situation.