FISKER BANKRUPT: Desperate automaker’s implosion begins
In the ultimate humiliation for Fisker’s hapless CEO Henrik Fisker, the struggling electric car startup filed for Chapter 11 bankruptcy less than three years after its flashy founding. Fisker had promised a revolutionary new Ocean SUV that would shake the industry and transform transportation, but instead delivered a disappointing and over-hyped launch, followed by months of desperation attempts to snag a savior partner.
Insider Warning: Fisker on Financial Life Support Aug. ’23
As tensions mounted last summer, Fisker insiders spilled the beans: in a leaked document, the financially crippled firm revealed it faced "potential financial distress" by August 2023 – well before its dramatic downfall in 2024.
CEO Fisker flaunted his futuristic plans with an ill-conceived Product Vision Day, declaring the world should know Fisker had a rosy future, set to revamp the industry’s tired norm with innovative rides, rebranding and sustainability galore… meanwhile, deep beneath, Fisker was dying under a crushing debt yoke from Heights Capital, secured to Fisker’s very vital signs – all while squandering company resources on useless promotional spin and public relations fanfare
Heights Snatch’s the Keys: Heights took the reins, converting almost half-billion in loans into a massive hold on Fisker assets. Any assets sold might now bolster Heights’ coffers at creditors’ expense, culling jobs, and leaving customers out on a limb.
As It Flies Apart at the Seams…
Employee cuts soar 75% – staff numbers? A paltry 400… the once vaunted workforce, dwindling beneath its previous magnificence like withered leaves!
With its $4 mn ‘juice’ dwindled, $180 mn owed – is anything salvageable – from their flagship Ocean; $83 mn in Magna-mandated loans to develop a low-Cost-EV, and all assets scattered – what Fisker ‘owns ‘ are some robots, as ‘valueless’ as your local landfill…
