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Electric vehicle manufacturer Fisker Inc. (OTC:FSRNQ) has filed for Chapter 11 bankruptcy protection, according to a recent 8-K filing with the Securities and Exchange Commission. On Monday, Fisker Group Inc., a subsidiary of Fisker Inc., initiated voluntary proceedings in the United States Bankruptcy Court for the District of Delaware. Subsequently, Fisker and its other U.S. subsidiaries, collectively referred to as the "Debtors," also filed for Chapter 11 on Wednesday.
The Bankruptcy Court has approved joint administration of the cases under the case number 24-11390 (TMH). As debtors in possession, Fisker and its subsidiaries will continue operating under the court's jurisdiction. The court has granted interim relief to ensure the company can maintain its day-to-day operations, including paying employee wages and benefits and settling with vendors and suppliers for post-petition goods and services.
The Debtors have also been authorized to use cash collateral through June 28, 2024, with a subsequent hearing scheduled for Tuesday to discuss continued access to these funds.
The bankruptcy filing has triggered an event of default under the terms of the company's 2026 Notes Indenture, which was dated July 11, 2023. As a result, the principal and interest on the company's 2.50% convertible senior notes due 2026 have automatically become due. However, enforcement of these payment obligations is stayed due to the bankruptcy proceedings, and the rights of the creditors are now governed by the Bankruptcy Code.
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