Bankruptcy Court Confirms Fisker Automotive Plan


fisker

COSTA MESA, CA -- July 28, 2014: FA Liquidating Corp. (F/K/A Fisker Automotive. Inc.) and FAH Liquidating Corp. (F/K/A Fisker Automotive Holdings, Inc.) (collectively, the "Company") today announced that the United States Bankruptcy Court for the District of Delaware has confirmed its chapter 11 plan.

The Company received court approval of its sale to Wanxiang Group Corp. in February for $149.2 million. In April, the Company announced it had signed a global settlement term sheet with Hybrid Tech Holdings, LLC ("Hybrid"), which provided post-petition financing, and the Company's Unsecured Creditors' Committee (the "Committee") to distribute the proceeds of the sale to the Company's creditors.

"This fully consensual resolution could not have been reached without the diligent negotiations of the Company, Hybrid, and the Committee," said Marc A. Beilinson, Chief Restructuring Officer of the Company. "We are grateful for their commitment to achieving a fair outcome for everyone involved and facilitating the distribution of the proceeds in an efficient and timely manner."

The Company is being advised by Kirkland & Ellis LLP and Pachulski Stang Ziehl & Jones LLP as counsel, Evercore Partners as investment banker and Beilinson Advisory Group as restructuring advisor. The Committee is being advised by Brown Rudnick LLP and Saul Ewing LLP as counsel and Emerald Capital as investment banker. Hybrid is being advised by Quinn Emanuel Urquhart & Sullivan LLP, Keller & Benvenutti LLP, and Schnader Harrison Segal & Lewis LLP.

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