Written by Cláudio Afonso | LinkedIn | X
Electric vehicle (EV) manufacturer Fisker, which filed for bankruptcy protection earlier this month, has a comprehensive list of creditors detailed in an official document submitted to the Delaware bankruptcy court.
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.
According to the EV startup, Gupta-Fisker was responsible for operations, finance and planning, purchasing and supply chain management, insurance, treasury, tax, intellectual property management, and preparing the company for GAAP compliance and public market readiness.
The document also lists a variety of well-known creditors, including Berkshire Hathaway Specialty Insurance, a major insurer controlled by Warren Buffett.
Bridgestone Americas, Inc., Fisker’s tire supplier, and Toyota Boshoku America, Inc., an automotive component manufacturer, are also among the firms listed.
Magna International Europe GmbH and its subsidiaries, Fisker‘s manufacturing partner for all the Ocean SUVs produced, are also listed. Additionally, Ford Motor Credit Company is included, reflecting the financial interconnections within the automotive industry.
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 cancelled.
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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.
Last week, 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.
Despite these hurdles, Fisker is actively working to build a comprehensive service network in Germany, with efforts focused on Munich and Berlin, and potentially expanding to Hamburg.
This acceleration clause, activated by the bankruptcy filing, results in the immediate obligation to repay both the principal and interest on these notes.
The filing, initiated by Fisker Group Inc. last week (June 17) and followed by other U.S. subsidiaries later in the week (June 19) constitutes an event of default under the terms of the notes’ indenture, thereby expediting the debt repayment schedule.
However, any efforts to enforce such payment obligations are automatically stayed under the Bankruptcy Code provisions, according to the filing.
Last Thursday, the chief executive Henrik Fisker made his first public appearance of the year, delivering a keynote speech at the ET Auto Summit. However, the former automotive designer avoided the topic and did not comment on Fisker’s situation.
According to the bankruptcy documents, Fisker has an inventory of 4,300 unsold vehicles parked on different storage lots. In late May, EV reported that an increasing number of Fisker SUVs had been accumulating in a storage lot at the San Diego port, sparking concerns about potential demand or distribution issues.
Written by Cláudio Afonso | LinkedIn | X
