Written by Cláudio Afonso | LinkedIn | X
Fisker GmbH, the Austrian subsidiary of the bankrupt electric vehicle (EV) startup Fisker Inc., has submitted a revised restructuring plan to the regional court as part of its Chapter 11 bankruptcy proceedings.
The subsidiary filed for insolvency in May after failing to succeed with its first vehicle model, the Fisker Ocean SUV.
In June 2021, Fisker contracted Graz-based Magna Steyr to manufacture its Ocean vehicles. However, of the 40,000 units initially planned, only 10,000 have been produced until the crisis escalated earlier this year.
The Graz-based subsidiary’s reorganization plan has now been approved by the court. Fisker GmbH faces insolvency claims totaling approximately €3.78 billion ($4.19 billion), though it remains unclear how much of this amount has been officially recognized, according to local media Steiermark.
Three main creditors have lodged claims for about €3.5 billion ($3.89 billion), leaving the Alpine Creditors’ Association (AKV) to estimate that around €18 million ($20 million) would be required for a cash quota to satisfy the remaining claims. In total, 290 creditors are affected by the proceedings, the publication noted.
According to AKV, several conditions had to be met to secure the court’s confirmation of the reorganization plan. Negotiations between Fisker GmbH and its creditors have focused on reducing the immediate financial burden, with subordination and future agreements helping to settle with major creditors, thereby avoiding further insolvency proceedings.
The insolvency court confirmed the reorganization plan earlier this week on Monday, and the formal conclusion of proceedings is expected following a 14-day appeal period.
In response to financial pressures, Fisker GmbH has implemented cost-cutting measures, reducing its workforce from nearly 50 employees to just 20 as of last month.
Written by Cláudio Afonso | LinkedIn | X
