fisker ocean

Fisker files for Chapter 11 bankruptcy protection

Credit: Fisker

Fisker Group Inc. has announced that it had filed for Chapter 11 bankruptcy protection. The filing was submitted to the District of Delaware on June 17, 2024. In a press release, the EV maker noted that it was in advanced discussions with financial stakeholders about debtor-in-possession financing and the potential sale of its assets. 

As noted in a report from the Associated Press, Fisker estimates that its assets are between $500 million and $1 billion. Its liabilities, on the other hand, are estimated to be between $100 million and $500 million. Fisker also noted that it had between 200 and 999 creditors, the AP noted.

Fisker explained its decision to file for Chapter 11 bankruptcy protection in a press release

“Like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently. 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,” a Fisker spokesperson noted. 

The Fisker spokesperson stated that the company has made a lot of progress since it was founded, and it was proud of the achievements that it had attained.

“Fisker has made incredible progress since our founding, bringing the Ocean SUV to market twice as fast as expected in the auto industry and making good on our promises to deliver the most sustainable vehicle in the world. We are proud of our achievements, and we have put thousands of Fisker Ocean SUVs in customers’ hands in both North American and Europe,” the Fisker spokesperson noted. 

Fisker noted that its ongoing manufacturing pause for the Fisker Ocean — the company’s lone production vehicle to date — would be remaining in place. Fisker also stated that it “intends to file certain customary motions with the Bankruptcy Court to ensure its reduced operations are able to continue, including paying employee wages and benefits, preserving certain customer programs, and compensating needed vendors on a go-forward basis.”

Fisker’s press release about its Chapter 11 filing can be viewed below.

Fisker Chapter 11 Filing by Simon Alvarez on Scribd

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Fisker files for Chapter 11 bankruptcy protection
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