6thWave: AI News Hub

Fisker is seeking court approval to sell its remaining 3,231 Ocean electric SUVs to a New York-based vehicle leasing company for $46.25 million, significantly below their original $70,000 price. The sale, if approved, could help the struggling EV maker cover vital expenses during its Chapter 11 bankruptcy proceedings. However, unsecured creditors express concern about not receiving proceeds from the sale, with unresolved questions about Fisker’s other assets. The buying company, American Lease, will adhere to a 12-month no-resale period and address recalls before leasing the vehicles to ride-hail drivers in NYC. Fisker aims to sell an initial 200 vehicles by July 12 to meet payroll needs. The court’s urgency is complicated by unclear financial obligations and pushback from creditors. A new hearing is scheduled for July 11 to address these issues. Fisker’s largest secured creditor, Heights Capital Management, supports the sale despite it only covering a fraction of Fisker’s debts, raising concerns of a potential Chapter 7 liquidation.

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