Fisker’s Chapter 11 bankruptcy has encountered a significant hurdle, as the company interested in purchasing its remaining fleet of electric SUVs is now uncertain about completing the deal due to an unexpected technical issue.
American Lease, a leasing company based in the New York area, filed a new report indicating that Fisker has determined it cannot transfer the necessary information for each SUV to a new server not owned by the bankrupt startup. This data is essential for American Lease to operate the vehicles once Fisker is dissolved. As a result, the leasing company has filed an emergency objection to Fisker’s liquidation plan, which was set to be confirmed in bankruptcy court on Wednesday.
American Lease has already paid “tens of millions of dollars” following the approval of the purchase agreement for over 3,000 Ocean SUVs in July. This funding has been crucial for Fisker to continue the bankruptcy process, allowing the company to settle debts and prepare for the liquidation of about $1 billion in assets previously controlled by an Austrian subsidiary undergoing its own insolvency.
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This new development comes during a chaotic week for Fisker’s bankruptcy. Ahead of Wednesday’s hearing, various parties have submitted filings revealing additional concerns. The U.S. Securities and Exchange Commission has raised an objection due to an ongoing investigation into Fisker. Additionally, the Department of Justice filed an objection on behalf of the National Highway Traffic Safety Administration, claiming that Fisker’s attempt to charge owners for certain recall repairs is illegal. Furthermore, the landlord of Fisker’s former headquarters reported that the company abandoned the property, leaving it in “complete disarray.”
American Lease’s filing indicates that Fisker first mentioned the potential data transfer issue on Friday, October 4, at 8 p.m. ET, and subsequently confirmed that it would not be possible.
“[American Lease] cannot overstate the significance of this unwelcome news, conveyed to it only after it has paid [Fisker] tens of millions of dollars under the Purchase Agreement,” the leasing company’s lawyers wrote in their filing. They are requesting a delay of Wednesday’s hearing to conduct expedited discovery into when Fisker became aware of this issue. Fisker did not respond immediately to requests for comment.
