Fisker Appoints New Chief Restructuring Officer During Financial Crisis

Fisker, the American EV manufacturer, has appointed a new Chief Restructuring Officer amid claims of it going bankrupt. Micheal Healy joined the new position on April 21 and is a Senior Managing Director at FTI Consulting. 

Healy has experience in spearheading distressed companies as the Chief Restructuring Officer. He has experience in guiding and advising companies, creditors, shareholders and other interested parties in restructuring transactions in times of financial crises. Healy’s appointment follows the resignation of Mark E. Hickson last week. 

In the Securities And Exchange Commission filing, Fisker also mentioned that if its new investors do not respond by 12:01 am (ET) on April 25, Healy will be replaced by John DiDonato of Huron Consulting Group. 

As of January 2024, Fisker’s outstanding debt has been reduced to $185.5 million (roughly ₹ 1,545 crore) from $324.5 million (roughly ₹ 2,704 crore). Henrik Fisker, CEO and Chairman of Fisker, said, “I am pleased that we were able to reach an agreement with one of our investors that will provide increased flexibility and better position us to execute on potential strategic business deals.”

A recent report by Reuters states that Fisker may have to file for bankruptcy protection in the next 30 days if it fails to get adequate relief from creditors and liquidity to meet its current debts.