EV startup Fisker files for bankruptcy, aims to sell assets

Fisker CEO Henrik Fisker introduces the all-electric off-road Ocean called the Force E during its inaugural "Product Vision Day" in Huntington Beach, California, on August 3, 2023.filed for bankruptcy protection late on Monday, looking to sell its assets and restructure its debt, after succumbing to rapid cash burn to deliver its "Ocean" SUVs in the United States and Europe.

The company, founded by automotive designer Henrik Fisker, had flagged doubts about its ability to remain in business in February and a month later, its attempts to secure an investment from a big automaker failed, forcing it to rein in operations. "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."

The company's operating unit, Fisker Group Inc., filed for Chapter 11 bankruptcy in Delaware, listing estimated assets of $500 million to $1 billion and liabilities of $100 million to $500 million. It has about 200-999 creditors, per the court filing.

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