Fisker Faces Imminent Bankruptcy, Plans Drastic Measures

Struggling electric vehicle startup Fisker Inc. is on the brink of bankruptcy, needing urgent financial relief to avoid collapse within 30 days.

Fisker Inc. disclosed a dire financial situation, revealing it might file for bankruptcy within 30 days if it cannot secure additional funding or debt relief.
The company has already missed an $8.4 million interest payment in March, leading to a default on the loan.
In an effort to cut costs, Fisker plans to reduce its workforce further and decrease its real estate footprint.
Problems with its flagship vehicle, the Ocean SUV, including poor reviews and multiple federal investigations, have compounded its financial troubles.
The potential bankruptcy would mark the second financial failure for founder Henrik Fisker, whose previous automotive venture also filed for bankruptcy.