Electric Car Startup Fisker on Brink of Liquidation Amid Dispute Over Asset Distribution

Fisker, an American electric car start-up, is facing liquidation following its bankruptcy filing in the US. The reason behind this is a disagreement between two groups of creditors regarding the order in which remaining assets should be distributed. Despite initial plans to secure additional financing and continue operations on a reduced scale, the company has determined that obtaining the necessary funds is unlikely. As a result, Fisker is preparing to sell off its assets, with a potential buyer lined up for all 4,300 vehicles.

Fisker’s Austrian subsidiary, Fisker Austria, is also facing insolvency. The company sought restructuring plan that hinges on securing an investor but future of the subsidiary heavily depends on the success of its restructuring efforts and ability to attract an investor. Fisker Austria’s liabilities amount to 1.34 billion euros and the insolvency court closed several divisions leading to significant cost reductions and decrease in number of employed personnel.

According to recent report and hearing on insolvency proceedings of Fisker Austria more than 161 registered claims have been filed with over 10.92 million euros recognized and 1.15 billion euros being disputed. The future of Fisker Austria depends heavily on its ability to reach a restructuring agreement and attract an investor despite its debts exceeding $850 million and stock being essentially worthless but still being traded after failed negotiations with major car manufacturers.