PETITION

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PETITION
PETITION
💥Fisker = F.U.B.A.R.💥
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💥Fisker = F.U.B.A.R.💥

Plus: a bunch of subchapter Vs, another diocese BK + more.

Jun 23, 2024
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PETITION
PETITION
💥Fisker = F.U.B.A.R.💥
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Source: Getty Images

On June 17, 2024, CA-based Fisker Group Inc. filed a bankruptcy petition in the District of Delaware.*

Like. That’s it. A petition.

Two days later we saw five more affiliates — including the publicly-traded entity** — file petitions but it took until the morning of the first day hearing on June 21, 2024 to get a first day declaration.

We’ve covered this name previously:

💥Special Double Edition: Where's the Auto Distress?💥

💥Special Double Edition: Where's the Auto Distress?💥

PETITION LLC
·
March 17, 2024
Read full story
💥Manufacturing Something Other than Cars💥

💥Manufacturing Something Other than Cars💥

March 20, 2024
Read full story

You can review it. But look, the bottom line is that this thing just sucked. There really isn’t anything else to say. The company closed a SPAC transaction in October ‘20 and projected 51k units/year by ‘23. The actual number? 10.2k.

The Office gif. Leslie David Baker as Stanley turns his head and slowly rolls his eyes with the most irritated, tired expression on his face.
Source: GIPHY.

To put a finer point on it, the debtors’ operating revenue was $273mm in ‘23. Against net losses of $940mm.

car crash GIF
Source: GIPHY. Basically Fisker’s performance.

Liquidity couldn’t keep up with the delays in production, nobody was interested in extending additional money, talks of a partnership with an OEM sputtered … yada yada yada … and we end up with chapter 11 cases that contemplate a liquidation of the debtors.

But the real interesting part of this story isn’t the production issues or the cars themselves — that sh*t has been covered, including by us, ad nauseum. What’s more interesting at this point is that, above it all, there’s some good ol’ fashioned yet two-bit lender on lender violence!

Violence GIF by ABC Network
Source: GIPHY

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