Electric vehicle start-up Fisker is exploring bankruptcy, the Wall Street Journal reported this week.
Fisker shares have fallen this week as investors fear for the company’s ability to survive a liquidity crisis. The automaker also announced that it will cut 15% of its workforce.
The Wall Street Journal reported:
Electric vehicle startup Fisker FSR -55.88% down; The downward-pointing red triangle has hired restructuring consultants to assist it in a possible bankruptcy filing, according to people familiar with the matter.
Fisker, which recently warned it risks running out of cash this year, has hired financial advisor FTI Consulting and law firm Davis Polk to work on a potential filing, the sources said. The auto company reported last month that it had sales of $273 million last year and more than $1 billion in debt.
Recall that Henrik Fisker previously owned Fisker Automotive which produced the hybrid EV called Fisker Karma. That company filed for bankruptcy in 2013 after the Obama regime loaned it millions of dollars. Obama knew Fisker Karma was failing, but he still gave millions to the struggling company.
At least 36 of Obama’s taxpayer-funded green energy projects have failed: Solyndra is the biggest green scam of them all.
FOX Nation reported in 2015:
The full list of faltering or bankrupt green energy companies:
Evergreen Solar ($25 million)*
SpectroWatt ($500,000)*
Solyndra ($535 million)*
Beacon Power ($43 million)*
Nevada Geothermal ($98.5 million)
SunPower ($1.2 billion)
First Solar ($1.46 billion)
Babcock and Brown ($178 million)
EnerDel subsidiary Ener1 ($118.5 million)*
Amonix ($5.9 million)
Fisker Automotive ($529 million)
Abound Solar ($400 million)*
A123 Systems ($279 million)*
Willard and Kelsey Solar Group ($700,981)*
Johnson Controls ($299 million)
Schneider Electric ($86 million)
Brightsource ($1.6 billion)
ECOtality ($126.2 million)
Raser Technologies ($33 million)*
Energy Conversion Devices ($13.3 million)*
Mountain Plaza, Inc. ($2 million)*
Olsen’s Crop Service and Olsen’s Mills Acquisition Company ($10 million)*
Fuel range ($80 million)*
Thompson River Power ($6.5 million)*
Stirling Energy Systems ($7 million)*
Azure Dynamics ($5.4 million)*
GreenVolt ($500,000)
Vestas ($50 million)
LG Chem subsidiary Compact Power ($151 million)
Nordic Wind Energy ($16 million)*
Navistar ($39 million)
Satcon ($3 million)*
Konarka Technologies Inc. ($20 million)*
Mascoma Corp. ($100 million)