29 Mar '13, 5am

Fisker Evaluating Possibilty of Declaring Bankruptcy

Fisker Evaluating Possibilty of Declaring Bankruptcy

This week Fisker Automotive, the California-based maker of the Karma hired restructuring lawyers at Kirkland & Ellis LLP to begin exploring potential bankruptcy protection. Needing cash, having not produced a Karma since last July, unable to find a suitable partner or investor, and with an April 22 loan payment looming, Fisker is considering the possibility and needs to know what its options are. The company also recently furloughed 200 U.S. workers to save money, and it is on the hook for an undisclosed payment on about $192 million in debt under the Energy Department’s Advanced Technology Vehicles Manufacturing Loan Program. Fisker has played down the furloughs as a normal business procedure and has not divulged the amount of payment due next month. The Energy Department secured the loan with Fisker’s equipment and property, and in the event of a bankruptcy by Fisker, it...

Full article: http://www.hybridcars.com/fisker-evaluating-possibilty-of...

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Is Fisker Automotive the next Solyndra?

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