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Fisker runs out of road, files for bankruptcy
(Sharecast News) - US electric vehicle startup Fisker on Monday filed for bankruptcy protection after talks with an unnamed major car maker on a cash injection ended without a deal and would now look to sell assets. The company in February warned about its ability to remain in business after earlier announcing weaker-than-expected earnings and plans to cut 15% of its workforce.
"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 in a statement.
"After evaluating all options for our business, we determined that proceeding with a sale of our assets under Chapter 11 is the most viable path forward for the company."
Fisker listed assets of between $500m - $1bn and liabilities of $100m - $500m in its bankruptcy petition.
In March the company said it had secured $150m in financing from an existing lender, but this was tied to the startup securing investment from the unidentified automaker.
Fisker made more than 10,000 vehicles last year, less than a quarter of forecast production and delivered only around 4,700.
Reporting by Frank Prenesti for Sharecast.com
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