U.S. electric vehicle maker Fisker has filed for Chapter 11 bankruptcy protection to restructure its debts and sell its assets in the wake of significant financial challenges. These issues included a rapid cash burn while trying to deliver its "Ocean" SUVs in the U.S. and Europe, compounded by a failed investment deal with a major automaker. Fisker also faces regulatory investigations and has had to cut its workforce and pause future projects.
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00:00It's Benzinga, and here's what's on the block.
00:02U.S. electric vehicle maker Fisker has filed for Chapter 11 bankruptcy protection to restructure
00:08its debts and sell its assets in the wake of significant financial challenges.
00:12These issues included a rapid cash burn while trying to deliver its ocean SUVs in the U.S.
00:18and Europe, compounded by a failed investment deal with a major automaker.
00:22Fisker also faces regulatory investigations and has had to cut its workforce and pause
00:26future projects.
00:27For all things money, visit Benzinga.com.