Electric vehicle startup Fisker, which sought Chapter 11 protection earlier this week, said its U.S. units had also filed for bankruptcy in a court in Delaware on Wednesday.<\/p>\n
Fisker Inc and its other U.S. subsidiaries have entered into Chapter 11, the firm said, adding that discussions about the sale of assets remain ongoing.<\/p>\n
As per the court filing, Fisker Inc listed assets estimated to be worth between $500 million and $1 billion, while its liabilities were projected at between $1 billion and $10 billion.<\/p>\n
The company’s operating unit, filed for Chapter 11 protection on Monday and said it would sell its assets and restructure its debt.<\/p>\n
The firm, which went public in 2020, was founded by automotive designer Henrik Fisker.<\/p>\n
In February it had flagged doubts about its ability to remain in business and later failed to secure an investment from a large automaker, forcing it to rein in operations.<\/p>\n
Fisker filed for bankruptcy protection late on Monday, as the U.S. electric-vehicle maker looks to salvage its operations by selling assets and restructuring its debt after burning through cash in an attempt to ramp up production of its Ocean SUVs.<\/p>\n
The hyper-competitive EV market has seen several companies, including Proterra, Lordstown and Electric Last Mile Solutions, file for bankruptcy in the past two years as they grappled with weakening demand, fundraising hurdles and operational challenges from global supply chain issues<\/p>\n
The company\u00a0flagged\u00a0doubts about its ability to remain in business in February and later\u00a0failed\u00a0to secure an investment from a big automaker, forcing it to rein in operations.<\/p>\n
The collapse of its talks with the automaker Nissan\u00a0meant that it was denied $350 million in funding from an unnamed investor that was contingent on the automaker’s investment and forced Fisker to explore options.<\/p>\n
“Like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently,” Fisker said.<\/p>\n
In the Chapter 11 bankruptcy filing in Delaware, its operating unit, Fisker Group Inc, estimated assets of $500 million to $1 billion and liabilities of $100 million to $500 million.<\/p>\n
<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Electric vehicle startup Fisker, which sought Chapter 11 protection earlier this week, said its U.S. units had also filed for bankruptcy in a court in Delaware on Wednesday. Fisker Inc and its other U.S. subsidiaries have entered into Chapter 11, the firm said, adding that discussions about the sale of assets remain ongoing. As per […]<\/p>\n","protected":false},"author":27,"featured_media":35361,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173,249],"tags":[],"class_list":["post-35359","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-world-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/35359","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=35359"}],"version-history":[{"count":2,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/35359\/revisions"}],"predecessor-version":[{"id":35381,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/35359\/revisions\/35381"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/35361"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=35359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=35359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=35359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}