- Associated Press - Tuesday, April 15, 2014

WILMINGTON, Del. (AP) - Fisker Automotive’s unsecured creditors will get $35 million in cash and stock under a new bankruptcy settlement.

But the News Journal reports (https://delonline.us/1jHxJI8 ) that Gov. Jack Markell’s office warned Monday that despite last week’s settlement, Delaware won’t see much for the $21.5 million in economic development incentives it awarded Fisker in 2010.

Markell spokeswoman Kelly Bachman says in a statement that the state is not expecting a substantial recovery of its investment.

Because of the incentive package, Delaware’s claim to Fisker money remains pooled among the unsecured creditors.

California-based Fisker planned to build cars at the former General Motors plant in Newport, but filed for bankruptcy protection in November. Chinese auto parts giant Wanxiang Group paid $149 million to take over Fisker at a February auction.


Information from: The News Journal of Wilmington, Del., https://www.delawareonline.com

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