ANOTHER ONE: EV Start-Up Fisker Exploring Bankruptcy
Electric vehicle start-up Fisker is exploring bankruptcy, The Wall Street Journal reported this week.
Fisker’s stock plunged this week as investors worry about the company’s ability to survive amid a cash crunch. The auto company also said it would slash 15% of its workforce.
The Wall Street Journal reported:
Electric-vehicle startup Fisker FSR -55.88%decrease; red down pointing triangle has hired restructuring advisers to assist with a possible bankruptcy filing, according to people familiar with the matter.
Fisker, which recently warned that it risked running out of cash this year, hired financial adviser FTI Consulting and the law firm Davis Polk to work on a potential filing, the people said. The car company reported last month that it had $273 million in sales last year and more than $1 billion in debt.
