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The bankruptcy of Fisker represents a major step forward as the sale of the fleet is now in question

The bankruptcy of Fisker represents a major step forward as the sale of the fleet is now in question

Fisker’s Chapter 11 bankruptcy has hit a major hurdle as the company buying the startup’s remaining electric SUV fleet says it may not complete the purchase due to a surprise technical issue.

The buyer, a New York leasing company called American Lease, says in a new filing that Fisker now believes there is no way to transfer the information associated with each SUV to a new server that is not owned by the bankrupt EV startup heard. Because American Lease needs this information to operate the vehicles after Fisker’s dissolution, the leasing company has urgently objected to the startup’s liquidation plan. Fisker was expected to have this plan confirmed in bankruptcy court on Wednesday.

American Lease has already paid out “tens of millions of dollars” after approving the purchase agreement for the more than 3,000 Ocean SUVs in July. These funds were critical because Fisker used them to finance the bankruptcy process. Fisker needed that money to stay alive long enough to pay off its debts and also to prepare for the liquidation of about $1 billion in assets that until recently were under the control of an Austrian subsidiary, the went through their own insolvency proceedings.

The new twist comes amid a hectic week over Fisker’s bankruptcy. Ahead of the hearing scheduled for Wednesday, several parties filed documents that revealed new information. The Securities and Exchange Commission’s appeal revealed that the agency was investigating Fisker. The Justice Department appealed on behalf of the National Highway Traffic Safety Administration, claiming Fisker’s attempt to make owners pay for certain recall repairs was illegal. And the landlord of Fisker’s former headquarters said the startup had vacated the space, leaving it in “complete disarray.”

American Lease says in its filing that Fisker first raised the possibility that it would not be able to transfer the information to a new server on Friday, October 4, at 8 p.m. ET. And it is said that Fisker informed American Lease this week that this will not be possible at all.

“[American Lease] The importance of this unwelcome message cannot be overstated, as it is only delivered to her after she has paid [Fisker] “We lost tens of millions of dollars under the purchase agreement,” the leasing company’s lawyers wrote in the filing. “It is unclear at this time what, if anything, the debtor representatives knew about the impossibility or impracticability of implementing the porting of the purchased vehicles and when they learned or otherwise knew of this critical information.”

American Lease is requesting that Wednesday’s hearing be postponed and that Fisker and its representatives conduct an “expedited and targeted investigation” to find out more about when Fisker learned of this problem. A spokesman for Fisker did not immediately respond to a request for comment.

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