Electric vehicle startup Fisker, which sought Chapter 11 protection earlier this week, announced that its U.S. units also filed for bankruptcy in a Delaware court on Wednesday.
Fisker Inc and its other U.S. subsidiaries have entered Chapter 11 proceedings, the company stated, adding that discussions about the sale of assets are ongoing.
According to the court filing, Fisker Inc listed its assets as being worth between $500 million and $1 billion, while its liabilities are projected to be between $1 billion and $10 billion.
Fisker Group Inc, the company’s operating unit, filed for Chapter 11 protection on Monday and indicated plans to sell its assets and restructure its debt.
The firm, founded by automotive designer Henrik Fisker, went public in 2020.
In February, Fisker had raised doubts about its ability to remain in business and subsequently failed to secure an investment from a large automaker, forcing it to scale back operations.
