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Struggling electric-car maker Fisker Automotive may seek bankruptcy this week

Fisker Automotive, the struggling electric-car company, may seek bankruptcy protection this week, according to Automotive News.

The Department of Energy, which has lent Fisker $529 million and is a senior creditor, appears to be pushing a Chapter 11 filing, Reuters said.

Fisker executives have tried unsuccessfully to attract investors or buyers — mainly in Europe and China — as they attempt to stave off bankruptcy.

The company, which builds the $100,000 Fisker Karma luxury sedan, has not built a vehicle since last summer and cash reserves are dwindling, Automotive News said.

Last Friday, Fisker laid off 75 percent of its U.S.workforce.

The company now has about $30 million in cash and faces a $10 million loan payment to the Department of Energy in late April, Reuters said.
Source bizbeatblog.dallasnews.com

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