EV startup Fisker is preparing for a possible bankruptcy filing.
The Wall Street Journal reported the automaker has hired restructuring advisers to help with the potential filing.
Go deeper with GlobalData
It came after Fisker warned it was at risk of running out of money this year, following the posting of its preliminary Q4 and full year 2023 results.
It booked US$273m in sales last year but was over $1bn in debt.
In its results, it addressed “substantial doubt about… ability to continue as a going concern”.
See Also:
It added: “[We expect] capital expenditures and working capital requirements to decrease during 2024 and beyond as [we] enter the second year of [production].
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“Furthermore, to the extent [our] current resources are insufficient to satisfy its requirements over the next 12 months, the company will need to seek additional equity or debt financing, and there can be no assurance [we] will be successful in these efforts.”
Financial adviser FTI Consulting and law firm Davis Polk have been hired, according to the WSJ.
