Fisker, a startup facing financial troubles, is attempting to offload its unsold EVs through a deal that has sparked opposition from the U.S. Trustee’s office. This deal, valued at up to $46.25 million, would involve selling all Ocean SUVs configured for the North American market to a company called American Lease, which services ride-hail drivers in New York City.
While Fisker has garnered support from various parties, including its lender and unsecured creditors, the U.S. Trustee’s office has raised concerns about the sale process. They argue that Fisker did not adequately market the fleet or explore other potential buyers before agreeing to sell the vehicles to American Lease at what they consider to be “fire sale prices.”
The Trustee’s office is also questioning why American Lease initially agreed to purchase 2,000 Oceans for a higher price before the bankruptcy proceedings began. Ideal Motors, one of Fisker’s dealer partners, has also objected to the sale, claiming they were not properly notified and that the process is moving too quickly.
Despite these objections, Fisker maintains that the sale is necessary to provide a financial buffer during the bankruptcy proceedings. They argue that the sale of the vehicles is crucial, as the total value of Fisker’s assets remains unclear. The company has delayed disclosing its total assets, citing ongoing compilation of the information.
A hearing is scheduled for Tuesday to address these concerns, where the judge will decide whether to approve the sale. Fisker’s chief restructuring officer and legal team have agreed to postpone the sale to allow for more input and address the objections raised by the Trustee’s office.
While the sale of the Ocean SUVs to American Lease seems to be the best option on the table, opposition from key stakeholders raises questions about the transparency and fairness of the deal. The outcome of the hearing will determine the future of Fisker and its ability to navigate through the bankruptcy process while satisfying its creditors and stakeholders.
