U.S. electric vehicle (EV) maker Fisker filed for bankruptcy protection late on Monday as deal talks with a big automaker collapsed, exposing the startup to the fallout of a rapid cash burn to deliver its Ocean SUV in the United States and Europe.
The company's unit, Fisker Group Inc, filed for Chapter 11 bankruptcy in Delaware, listing estimated assets of $500 million to $1 billion and liabilities between $100 million and $500 million. Fisker's estimated number of creditors are 200-999, according to the court filing.
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