Fisker Bankruptcy Announcement

Fisker, a U.S electric vehicle startup known for its Ocean SUVs, officially declared bankruptcy this week The company's financial struggles were foreshadowed in its February quarterly earnings report, where it warned it might not survive another year due to insolvency risks. Despite undergoing negotiations with a major automaker to save the business, the talks collapsed, leading to a Chapter 11 bankruptcy filing in the District of Delaware Fisker plans to sell its assets in an effort to manage its debts This comes after the company rapidly depleted its cash reserves while attempting to fulfill vehicle deliveries in the United States and Europe. The total value of Fisker's assets and the specific terms of the sale are not yet clear.