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FTI Consulting is handling the Chapter 11 filing of Los Angeles-based Fisker Group electric vehicle maker.
The seven-year-old company blames “various market and macroeconomic headwinds” as reasons for going belly-up.
Fisker Group introduced its first model, Ocean SUV, last summer. Auto critics panned it for software-related issues. The company produced 10,000 Ocean SUVs and delivered 4,900 of them.
Fisker Group claims to be in advanced discussions with financial stakeholders regarding debtor-in-possession financing and the sale of the assets.
The Chapter 11 filing is the second for car designer Henrik Fisker. His Fisker Automotive went bankrupt in 2013.
FTI Consulting’s Rachel Chesley and Jennifer Mercer represent Fisker Group.
Joele Frank represents Philadelphia-based Axalta Coating Systems as it agrees to merge with Amsterdam’s AkzoNobel in a deal valued in the $25B range.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
Joele Frank handles Pine Gate Renewables as the Asheville, NC-based solar power development company declares Chapter 11 in the aftermath of Donald Trump’s cuts to wind & solar tax credits.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
