Electric vehicle startup Fisker filed for Chapter 11 bankruptcy protection on Monday after suspending operations earlier this year.
Fisker’s stock price plummeted in March as investors worried about the company’s ability to survive a cash crunch. The car company also said it would lay off 15% of its workforce.
ABC News:
Electric car maker Fisker filed for Chapter 11 bankruptcy protection, the second electric startup to do so in the past year, as even industry leaders struggle to attract more than early adapters of the technology of buyers.
Fisker Group Inc. said in a filing in U.S. Bankruptcy Court in Delaware that it has estimated assets of between $500 million and $1 billion. Liabilities are expected to be between $100 million and $500 million, with between 200 and 999 creditors.
“Like other companies in the electric vehicle industry, we face a variety of market and macroeconomic headwinds that impact our ability to operate efficiently,” the company said in a prepared statement late Monday. “After evaluating our business, we face a variety of market and macroeconomic headwinds that impact our ability to operate efficiently.” After reviewing all of our options, we have determined that proceeding with the sale of our assets under Chapter 11 is the most feasible path forward for the company.”
Recall that Henrik Fisker previously owned Fisker Automotive, which produced an electric hybrid called the Fisker Karma. The company filed for bankruptcy in 2013 after the Obama administration lent it millions of dollars. Obama knew Fisker Karma was going bankrupt, but he still gave the troubled company millions of dollars.
At least 36 of the Obama administration’s taxpayer-funded green energy plans have failed – Solyndra being the biggest green scam.
Fox Nation reported in 2015:
Full list of green energy companies faltering or bankrupt:
Evergreen Solar ($25 million)*
SpectraWatt ($500,000)*
Solyndra ($535 million)*
Lighthouse 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 equipment ($13.3 million)*
Mountain Plaza, Inc. ($2 million)*
Olson Crop Services and Olson Mills Acquisitions ($10 million)*
Range Fuels ($80 million)*
Thompson River Power Company ($6.5 million)*
Sterling Energy Systems ($7 million)*
Azure Dynamics ($5.4 million)*
GreenVolts ($500,000)
Vestas ($50 million)
LG Chem subsidiary Compact Power ($151 million)
Nordic Wind ($16 million)*
Navistar ($39 million)
Satcon ($3 million)*
Konarka Technologies Inc. ($20 million)*
Mascoma Corporation ($100 million)
