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Fisker To File For Bankruptcy Within The Next 30 Days
EV startup Fisker’s recent woes have been thoroughly documented; back in March, it was seeking bankruptcy advisors following talks with Nissan about not converting into a partnership. Also in March, the company stopped production of its Ocean EV and then abruptly cut its price so it could quickly get rid of existing inventory.
Today, the company announced in a regulatory filing with the SEC that it expects to file for bankruptcy within the next 30 days unless a miracle happens and it gets relief from its creditors or somehow manages to raise some extra cash.
Neither of those options seems particularly likely considering the way things have been going for the EV maker, so it could end up being one of the casualties of the great EV race of the 2020s. Unfortunately for the owners of the Fisker Ocean, it’s unclear if they will even be able to service their $70,000 vehicles if the company goes under.
In any case, Fisker intends to further reduce its workforce and streamline its operations, including reducing its physical footprint.
In the same SEC filing, Fisker also says it missed an $8.4 million interest payment last month, which led it to default on a loan. In a separate filing earlier in the week, Fisker said it hired a Chief Restructuring Officer in the hopes of staving off bankruptcy. The next few weeks will be decisive.
