Fisker Adds a Chief Restructuring Officer Amid Financial Distress

By Sabela Ojea

Fisker has hired a financial adviser with experience serving in leadership positions at distressed companies as its chief restructuring officer.

The struggling electric-vehicle startup on Monday said that it named FTI Consulting's senior managing director Michael Healy to the position after signing a forbearance agreement with an investor for a period ending next Wednesday.

If Fisker's investor hasn't accepted an offer for the purchase of its notes by 12:01 a.m. ET on Tuesday, Healy will be replaced with Huron Consulting Group's John DiDonato, the company said in a Securities and Exchange Commission filing.

The appointment follows the resignation of board member Mark Hickson last week, and comes less than three weeks after Fisker said it would withdraw all financial and operational guidance for 2024 as it continued to evaluate strategic alternatives.

Fisker, which recently cut the suggested prices for some of its 2023 model-year vehicles to drum up demand, had guided for 20,000 to 22,000 in vehicle sales to consumers and dealers in 2024.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

April 22, 2024 18:12 ET (22:12 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.