💥Fisker = F.U.B.A.R.💥
Plus: a bunch of subchapter Vs, another diocese BK + more.
On June 17, 2024, CA-based Fisker Group Inc. filed a bankruptcy petition in the District of Delaware.*
Like. That’s it. A petition.
Two days later we saw five more affiliates — including the publicly-traded entity** — file petitions but it took until the morning of the first day hearing on June 21, 2024 to get a first day declaration.
We’ve covered this name previously:
You can review it. But look, the bottom line is that this thing just sucked. There really isn’t anything else to say. The company closed a SPAC transaction in October ‘20 and projected 51k units/year by ‘23. The actual number? 10.2k.
To put a finer point on it, the debtors’ operating revenue was $273mm in ‘23. Against net losses of $940mm.
Liquidity couldn’t keep up with the delays in production, nobody was interested in extending additional money, talks of a partnership with an OEM sputtered … yada yada yada … and we end up with chapter 11 cases that contemplate a liquidation of the debtors.
But the real interesting part of this story isn’t the production issues or the cars themselves — that sh*t has been covered, including by us, ad nauseum. What’s more interesting at this point is that, above it all, there’s some good ol’ fashioned yet two-bit lender on lender violence!
