Judge approves Fisker bankruptcy plan allowing car owners to keep vehicles

Fisker Inc. has received court approval for its bankruptcy plan, allowing car owners to continue using their vehicles. However, shareholders will not receive any compensation after their investments became worthless. The plan addresses concerns over recalls and software updates for Fisker’s Ocean SUV. American Lease will provide access to necessary updates and has purchased Fisker’s unsold inventory. Fisker filed for bankruptcy with estimated liabilities up to $500 million. The company is being liquidated under Chapter 11, while management retains control to address ongoing issues.