Written by Cláudio Afonso | LinkedIn | X
The story of electric vehicle (EV) maker Fisker continues with its latest chapter: the filing for bankruptcy by its Norwegian subsidiary, as revealed by Norway’s Brønnøysund Register Center.
This follows the recent bankruptcy of the company’s subsidiary in Austria, where all the vehicles were manufactured at Magna’s plant in Graz.
Egil Hatling, the head of restructuring at the global law firm “DLA Piper”, has been appointed as the bankruptcy trustee, as initially reported by the local media outlet “Tek”.
According to Norway’s Road Traffic Information Council, the EV maker led by Henrik Fisker has sold 409 units of the Fisker Ocean SUV in the country.
In the Scandinavian market, there are 88 separate instances where creditors have taken legal action to recover unpaid debts from Fisker’s subsidiary.
The total amount of money involved in these cases adds up to 290,000 Norwegian Krone, equivalent to $27,460.
On Tuesday, the company asked for permission to the Bankruptcy Court for the District of Delaware for selling the remaining 3,321 Fisker Ocean vehicles to the New York-based leasing firm American Lease.
The deal is expected to bring Fisker a total of $46.25 indicating that the average price per vehicle is about $13,900.
Adding to Fisker’s challenges, Norway’s leading insurance companies, “If” and “Gjensidige”, have stopped offering insurance for Fisker vehicles, citing concerns over parts availability in the event of bankruptcy. According to Tek’s report, the firms will only provide the legally required liability insurance.
Line Marcelius, communications manager at Gjensidige, confirmed, “We now only offer liability insurance on Fisker’s cars due to concerns about access to parts if the company goes bankrupt.” Customers with existing comprehensive insurance will retain their coverage until the next renewal cycle.
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On Friday, the company issued a recall of 8,204 Ocean SUVs in the United States due to a defect with the exterior door handles that can cause them to stick and not open, the U.S. National Highway Traffic Safety Administration (NHTSA).
Last month, a group of early adopters of Fisker vehicles announced the formation of a non-profit association, aimed at ensuring continued access to parts and services for owners as the startup filed for bankruptcy protection in Delaware.
As reported last week, the official “Notice of Filing of Creditor Matrix” lists some high-profile names and entities associated with the company’s operations including the founder and CEO Henrik Fisker, and also Geeta Gupta-Fisker, Fisker’s Chief Operating Officer and CFO.
The bankruptcy has triggered an automatic acceleration of its debt obligations under its 2.50% convertible senior notes due 2026, according to a recent 8-k form. There was a scheduled hearing for this later today, June 27, to discuss the cash collateral motion. However, the hearing was canceled.
Fisker is striving to provide a service network to the customers after filing for Chapter 11 bankruptcy protection last week.
According to unofficial information from a Fisker employee, the company is currently operating with a very small team in Germany and has closed its store in the center of Munich.
Written by Cláudio Afonso | LinkedIn | X
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