Fisker Gets $10.5M DIP To Cover Costs Until Sale Closes

Law360, Wilmington (March 6, 2014, 9:09 PM EST) -- Bankrupt Fisker Automotive Holdings Inc. won interim approval Thursday for a new $10.5 million debtor-in-possession package designed to cover the electric-car maker's expenses while it finalizes the sale to a unit of China's Wanxiang Group Corp.

Fisker required new funding because its previous DIP expired last month, days after the Delaware bankruptcy court blessed the debtor's $149.2 million sale to Wanxiang America Corp., which is providing the new facility.

At a hearing in Wilmington, U.S. Bankruptcy Judge Brendan L. Shannon signed off on the new loan...
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