Fisker cleared to sell North American EVs for $46.25 million

Core Viewpoint - Fisker is in the process of liquidating its assets through a bankruptcy proceeding, with a significant sale of Ocean SUVs to American Lease, which is expected to generate up to $46.25 million for the company [7][3]. Group 1: Bankruptcy Proceedings and Asset Sales - Fisker has contacted "hundreds" of potential buyers for its stockpile of Ocean SUVs prior to its bankruptcy filing, including dealerships and rental companies [1]. - The company is set to sell around 1,000 Ocean SUVs to American Lease for approximately $14 million, with an additional 500 vehicles expected to bring in another $6 million [3]. - The judge overseeing the bankruptcy has approved the sale to American Lease, which is considered the best and only viable option for Fisker [2][8]. Group 2: Financial Obligations and Claims - Fisker's largest secured lender, Heights Capital Management, has loaned over $500 million to the company, which could be converted to stock, but the company breached a covenant due to a late financial filing [6]. - Heights has submitted a $1 billion claim on Fisker's assets in a separate insolvency proceeding, indicating a significant financial obligation for the company [11]. - The remaining funds from the sale to American Lease will be used to pay employees working on recalls and software updates, although the allocation of these funds remains disputed [4]. Group 3: Legal and Operational Challenges - The U.S. Trustee's office raised concerns about the adequacy of Fisker's efforts to secure the best deal for its assets, questioning the valuation process [8][9]. - There is ongoing tension regarding the inclusion of vehicles in different insolvency proceedings, particularly with Fisker Austria GmbH, which has its own insolvency issues [16][17]. - Heights plans to file a motion to convert Fisker's Chapter 11 bankruptcy to a Chapter 7 liquidation, indicating a shift towards asset liquidation rather than reorganization [13][14].