In a significant turn of events amidst its bankruptcy proceedings, Fisker has agreed to sell its remaining inventory of Ocean SUVs to a leasing firm. The New York-based American Lease will purchase the last 3,231 Ocean SUVs for up to $46.3 million, pending court approval. The filing, dated Tuesday, July 2, reveals that without this sale’s approval by July 12, Fisker will be unable to cover essential expenses such as payroll and taxes.

American Lease plans to pay between $2,500 and $16,500 per vehicle, based on their condition. Damaged vehicles will fetch the lowest price, while previously titled Oceans will be sold for around $3,200. Fisker has identified 2,711 new vehicles in “Good Working Order” that are earmarked for the top price of $16,500. While the total sale amount is still tentative, it is currently capped at $46.25 million.

For context, the Ocean SUVs were originally priced between just under $40,000 for the base Sport model and over $70,000 for the top-tier Extreme model. In a desperate attempt to stave off bankruptcy, Fisker slashed these prices by up to $24,000 in March, but the effort proved insufficient.

The bulk sale hinges on court approval, with a hearing scheduled for July 9.

Fisker has urged the court to expedite the sale, emphasizing that failure to approve it by July 12 would prevent the company from meeting critical financial obligations.

The filing also highlights that Fisker will not honor warranties for these vehicles, stating, “Fisker shall have no obligation of repair or maintenance.

Interestingly, the filing also notes that Fisker will not update the vehicles beyond software version V.2.1. However, the company will provide American Lease with all relevant source code and proprietary software needed for the vehicles’ operability and future software improvements. This includes any other Fisker vehicles that the buyer may acquire.