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Fisker said to be near bankruptcy No. 2

Illustration of an electric bolt wobbling atop a cliff

Illustration: Natalie Peeples/Axios

Electric automaker Fisker has hired restructuring advisers for a potential bankruptcy, WSJ reported Wednesday.

Why it's the BFD: The Manhattan Beach-based company last month reported $273 million in sales and about $1 billion in debt.

Zoom in: Fisker has hired financial adviser FTI Consulting and law firm Davis Polk for a possible bankruptcy filing.

  • Fisker and FTI declined to comment. Davis Polk did not immediately return a request for comment this morning.

Fisker was founded by former BMW and Aston Martin designer Henrik Fisker, who remains its chairman and CEO.

The company struggled to nail down a sales strategy, swinging from direct-to-consumer to working with dealerships.

  • It also took an unusual approach to production, hiring a contract manufacturer in Austria instead of building the cars itself.

What we're watching: Reuters this month reported that Nissan was in talks with Fisker about a potential $400 million investment. Nissan this morning declined to comment.

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