Creditors OK Fisker liquidation plan
Creditors of Fisker Automotive have voted to accept a liquidation plan for the bankrupt company, according to a new filing with the bankruptcy court.
The filing tabulates the ballots of creditors to whom Fisker owed money.
Among them is the state of Delaware, which provided Fisker with $20 million. The state is an unsecured creditor in this case, meaning it has no collateral against what it is owed.
Unsecured creditors are expected to receive far less on the dollar than the only secured creditor in this case, Hybrid Tech Holdings, which bought the remains of a federal loan on more than $100 million, as well as some of Fisker's secondary loan from Silicon Valley Bank.
Fisker, a California-based plug-in hybrid car manufacturer, acquired the former General Motors factory near Newport, but never built cars there, despite state and federal incentives.
According to the ballots tabulated by Rust Consulting/Omni Bankruptcy, Hybrid voted to accept the plan. Of the general unsecured claims against Fisker Automotive, the pre-bankruptcy company, the vote was 78-4 to accept.
Of the general unsecured claims against FAH Liquidating Corp., the company in bankruptcy, the vote was 16-1 to accept.
Of those with warranty claims against Fisker, the vote was 33-2.
The Delaware Economic Development Authority is listed as having voted to accept the plan.
It will not become clear how much each creditor will receive until after the plan is formally approved by a judge.
A hearing is scheduled for Monday in Wilmington, during which the results are expected to be formally presented.
Judge Kevin Gross will need to approve the plan for it to become final, and creditor approval helps in this regard.
The creditors are dividing up $149.2 million from Wanxiang America Corp., which purchased Fisker's assets at auction.
Wanxiang America plans to restart the line of cars, but it is unclear whether that will happen in Delaware.
Contact Aaron Nathans at (302) 324-2786 or anathans@delawareonline.com.