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Privately-held Fisker Automotive and one affiliated Debtor filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 13-13087. The Company, which is designing and developing the world’s first line of premium plug-in electric hybrid vehicles, is represented by Laura Davis Jones of Pachulski Stang Ziehl & Jones. The Company also announced its entry into an asset purchase agreement with Hybrid Tech Holdings for the sale of substantially all of its assets. Hybrid Tech Holdings is the lender under an approximately $170 million loan secured by first liens on substantially all of Fisker Automotive’s assets and its parent, Hybrid Technology, purchased the loan from the U.S. Department of Energy (DoE) after DoE conducted a robust marketing process and auction. Hybrid Technology has committed up to approximately $8 million in debtor-in-possession financing to fund the sale and Chapter 11 process. “After having evaluated and pursued all other alternatives, we believe the sale to Hybrid and the related Chapter 11 process is the best alternative for maximizing Fisker Automotive’s value for the benefit of all stakeholders,” comments Marc Beilinson, Fisker Automotive’s chief restructuring officer. “We believe that the Fisker Automotive technology and product development capability will remain a guiding force in the evolution of the automotive industry under Hybrid’s leadership.” Concurrent with its Chapter 11 petition, the Company also filed a Prepackaged Joint Plan of Liquidation and related Disclosure Statement. Fisker Automotive indicated total assets greater than $100 million on its Chapter 11 petition.
For reference purposes, BankruptcyData.com compiled the following list of "alternative" or green" energy-related companies that have filed for Chapter 7 or Chapter 11 protection since 2010. This list does not include all such companies but does highlight those significant entities listing primary operations in the "alternative"energy sector.