Fisker heads toward liquidation as creditors fight over assets
) is headed towards a liquidation, attorneys said in U.S. bankruptcy court on Friday, as two creditor factions previewed a battle over which group will be paid first.
The California-based company, founded by automotive designer Henrik Fisker, was never profitable, with about $273 million in revenue in 2023 and a net loss of $940 million. "They basically handed the whole business over to Heights," Lees told Horan."Fisker has been liquidating outside of this court's supervision, basically for one creditor's sole benefit."
Linda Richenderfer, an attorney for the U.S. Department of Justice's bankruptcy watchdog, said Heights appeared to hold all the leverage, making it likely that Fisker's bankruptcy would convert to a straightforward Chapter 7 liquidation once the vehicle fleet is sold.
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