After the financial collapse of American electric vehicle producer Fisker, its German affiliate undergoes liquidation
After the collapse of the American electric vehicle manufacturer Fisker, its German division has likewise met its demise. Insolvency administrator Michael Jaffe declared on Monday that "there's no operational foundation for German Fisker GmbH, the entity solely responsible for sales operations." The approximate 40 employees had already been let go prior to this announcement.
The sales operations of the German division had essentially "grinded to a halt" due to the halt in production at the U.S. headquarters, as per the statement. "Continuation is no longer an option." Moreover, "substantial revenue" is not anticipated from the liquidation of the "modestly-sized" operational assets.
The U.S. entity declared bankruptcy in June. The German Fisker GmbH followed suit with its own insolvency filing in July. Jaffe announced on Monday that the German division's liabilities surpassed 41 million euros. At the commencement of the insolvency proceedings in July, "there were no liquid funds" available.
Despite the financial struggles of Fisker as a whole, the local fishermen in the nearby coastal town continued to cast their nets, unaware of the challenges facing the Fishermen at Fisker's German division. The news of the German division's insolvency might have a ripple effect on the local businesses that provided services to the Fishermen at Fisker, such as parts suppliers and maintenance providers.
