Heights loaned more than $500 million to Fisker in 2023, with the option to convert that debt to stock in the company. Fisker was late filing its third quarter financial report with the SEC, which breached a covenant of that deal with Heights. To repair that breach, Fisker granted Heights "first-priority security interest on all existing and future assets." Further breaches in the coming months put Heights in the driver's seat of Fisker's financial situation. And yet, Fisker says in the Chapter 11 filings that it still owes Heights more than $183 million in principal payments. Fisker has other assets beyond the Ocean SUVs that it can sell in the Chapter 11 process, including equipment that contract manufacturer Magna used to build the vehicles. There are 180 assembly robots, an entire underbody line, a paint shop and other tools. Fisker hasn't yet offered a specific accounting of those assets or their value, saying only that its total assets range between $500 million and $1 billion.