Fisker Court Approves Bankruptcy Liquidation Plan

Fisker Inc. has received court approval for its bankruptcy liquidation plan, allowing the electric vehicle maker to sell off its remaining inventory of approximately 3,231 Ocean SUVs for $46 million. The U.S. Bankruptcy Court ruling, made by Judge Thomas Horan, follows months of financial struggles and a failed partnership with Nissan, leading to cash flow issues and production halts. A significant aspect of the plan includes a $2.5 million commitment from buyer American Lease for ongoing technical support, ensuring that current Ocean owners can continue accessing essential services, such as software updates. This decision comes amid an SEC investigation into potential securities violations involving Fisker, with company leaders facing multiple shareholder lawsuits. The case highlights broader challenges in the EV industry, where several companies have recently filed for bankruptcy due to declining demand and supply chain problems. As Fisker moves forward, the sustainability of its operations remains uncertain, reflecting the tumultuous landscape of the electric vehicle market.