31 Mar '13, 10pm

Report: Fisker hires bankruptcy team after worker furlough

has hired a law firm for a potential bankruptcy, Reuters reports, citing a person familiar with the process. Kirkland & Ellis is advising the California-based maker of the extended-range plug-in Karma for a potential bankruptcy filing, which hasn't produced a car in about eight months and is losing interest from two prospective China-based buyers. Fisker declined to comment to Reuters . Fisker, which has raised $1.2 billion in equity, has also had about $336 million of its $529 million line of credit with the feds frozen because of its failure to meet certain production mandates. Meanwhile, China-based companies Dongfeng Motor Group and Zhejiang Geely Holding Group have stepped away from a potential acquisition because of Fisker's loan terms with the feds. One payment on the loan is due in April. In March, co-founder and namesake Henrik Fisker resigned as executive chairma...

Full article: http://green.autoblog.com/2013/03/31/fisker-hires-bankrup...

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