Fisker Austria files for bankruptcy

The assembly has already been stopped, whether it will ever resume is now more than doubtful. This is because the Austrian subsidiary of Fisker Inc. has "voluntarily filed an application for the initiation of a reorganization process with self-administration in accordance with the Austrian Insolvency Act." What makes this case explosive is that Fisker's Austrian business unit primarily focuses on managing contract manufacturing - meaning it's about the production that Magna had already stopped on its own - initially until June. This costs Magna a lot of money, as our colleagues from the Austrian "Kleine Zeitung" calculate: "Depreciation and restructuring costs" related to Fisker are said to have cost Magna a total of 294 million euros.

Fisker Austria wants to gain some breathing room

By filing for the initiation of a reorganization process with self-administration, Fisker Austria wants to gain some breathing room "to continue its own business while also advancing a value-maximizing strategic transaction or another sale of assets."

It is interesting that 50 employees are to continue to be paid and employed: "Under the supervision of a court and a court-appointed reorganization administrator, the company will continue to pay its employees as well as sell and service vehicles. The Fisker companies outside Austria are not involved in the reorganization process."

Fisker remained reserved regarding whether production is definitively terminated or whether there might still be one last backdoor for continuation - under a different constellation. When asked by Kleine Zeitung, there were "no further comments beyond the official statements."

Officially, Austria intends to "continue delivering its vehicles to customers as far as possible during the reorganization process, provide services, and offer updates for over-the-air software." A reorganization process with self-administration allows Fisker Austria to continue its own business, whatever that may look like.