Anaheim-based luxury car manufacturer Fisker Automotive Holdings Inc. reportedly reached a settlement agreement regarding its unsecured creditors in an ongoing bankruptcy case. As readers may know, Fisker filed for Chapter 11 bankruptcy last November. Prior to the filing, rival company Hybrid Technology LLC agreed to purchase a defaulted government loan Fisker benefitted from. Fisker subsequently agreed to be acquired by Hybrid Technology. Hybrid will not ultimately be taking control of Fisker’s assets, though. That will be the benefit of Wanxiang Group Corp, a Chinese company which outbid Hybrid in February after being brought into the process.
Still, the recent settlement agreement is good news for Hybrid Technology, which could receive up to $90 million from Fisker’s sale of assets. That is nearly four times what the company paid to take over Fisker’s defaulted loan.