Fisker Finally Bankrupt As The EV Startup Filed

The EV startup Fisker has officially filed for bankruptcy. The company filed for Chapter 11 in Delaware on June 17 with estimated assets ranging between $500 million and $1 billion, while the liabilities amount to anything between $100 million and $500 million.

After operating at a huge loss for some time and accumulating hundreds of millions of dollars in losses, Fisker now owes money to between 200 and 999 creditors. The court is now tasked with finding a plan to repay the creditors.

Fisker is already in talks with stakeholders, while the court will try to ensure that the company’s reduced operations will continue so that employees are compensated and certain customer programs are still up and running. Compensating vendors is also on the agenda.

The company has been planning such a scenario ever since March. Reuters previously reported that Nissan is in advanced talks with Fisker to invest in its operations, but negotiations fell through.

Fisker built about 10,000 Ocean SUVs in 2023 in the Magna Steyr factory in Austria but delivered less than half of them before eventually suspending production in March.

• Read More: Fisker Layoffs Hundreds Of Staff As Company Woes Continues