WASHINGTON–Fisker Automotive, whose high-end electric cars caught the eye of Justin Bieber and other celebrities, has filed for bankruptcy protection. The California-based company also announced it had entered an asset purchase agreement with Hybrid Tech Holdings, LLC. “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,” Marc Beilinson, Fisker’s chief restructuring officer, said in a statement Friday.
“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.” Fisker was started in southern California in 2007 by former Aston Martin and BMW designer Henrik Fisker and German business partner Bernhard Koehler. While it did not have the expected success with its pricey hybrid Karma sports car — which it billed as “a bold expression of uncompromised responsible luxury” — it did attract interest from the likes of stars such as Bieber, Leonardo DiCaprio and Ashton Kutcher.