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Reorg Radio
Fisker Bankruptcy, Hertz Debt Raise, Robertshaw-Invesco Ruling, Boies Joins Jones Defense
Jun 24, 2024
David Boies, a renowned attorney with a knack for high-profile cases, and David R. Jones, a former bankruptcy judge with deep expertise in bankruptcy law, dive into significant financial turmoil this week. They dissect Fisker’s chapter 11 filing and how it impacts the market. Hertz’s hefty $1 billion debt raise reveals the challenges facing rental car giants. The discussion also touches on the Invesco/Robertshaw ruling, shedding light on lender status concerns. Plus, Boies joining Jones' defense team adds another layer of intrigue to the legal landscape.
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Quick takeaways
- Fisker Inc.'s Chapter 11 filing aims to liquidate its fleet of 4,300 cars, reflecting challenges in pre-petition negotiations.
- Rite Aid's restructuring plan is progressing through significant inventory sales and court approvals, yet faces legal and operational uncertainties.
Deep dives
Fisker Inc.'s Chapter 11 Liquidation
Fisker Inc. recently filed for Chapter 11 bankruptcy protection in Delaware, primarily aiming to liquidate its remaining inventory after unsuccessful pre-petition sale negotiations. The company is not pursuing new debt financing but secured interim cash collateral usage from secured parties to facilitate operations. A significant aspect of this case is the agreement with a vehicle leasing counterparty to sell Fisker's entire fleet of approximately 4,300 cars, which may aid in the liquidation process. Judge Thomas M. Horan's approval of this arrangement and the cash collateral use indicates judicial support for the company's path forward despite its precarious situation.
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