EV maker Fisker defaults on $3.5 million short-term loan

Dow Jones06-05

MW EV maker Fisker defaults on $3.5 million short-term loan

By Ben Glickman

Beleaguered electric-vehicle maker Fisker (FSRN) said it had defaulted on a short-term loan given in May.

The company said Tuesday in a regulatory filing that the holders of the senior secured notes, which are due later in June, informed the company May 29 that events of default occurred.

The investor is exercising its right to immediately redeem all of the outstanding balance at a set redemption, including interest and other charges, Fisker said. The expiration of the company's forbearance agreement with lenders and failure to make payments due under the short-term deal and previous debt agreements were listed among the reasons for default.

The additional tranche of cash was announced last month as Fisker winds down operations. The company has been evaluating strategic options since talks with a large automaker broke down in March.

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

June 04, 2024 19:53 ET (23:53 GMT)

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

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