Monday, July 15, 2024

Fisker’s U.S. units file for bankruptcy

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Fisker (OTC:FSRN), which filed for Chapter 11 bankruptcy earlier this week, said its U.S. units also filed for bankruptcy in a court in Delaware on Wednesday.

On June 19, each of the six debtors, namely Fisker Group Inc., Fisker Inc., Fisker TN LLC, Terra Energy Inc., Blue Current Holding LLC and Platinum IPR LLC, filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.

The EV startup added that discussions regarding the sale of its assets remain ongoing. The company’s operating unit, Fisker Group, made the bankruptcy filing on Monday and listed assets of around $500M-$1B and liabilities of $100M-$500M.

In February, Fisker (OTC:FSRN) had raised doubts about its ability to remain in business, after which its attempt to secure an investment from a big automaker failed. The New York Stock Exchange in March began steps to delist shares of Fisker’s common stock due to its “abnormally low” price.

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