Fisker Automotive lays-off 160 employees

Fisker Automotive© Michael Graham Richard

Well, that didn't take long. Yesterday, I wrote about rumors of imminent bankruptcy surrounding Fisker Automotive, but nothing was official. Now it is. This morning, Fisker employees met with management at the company's HQ in Anaheim, California, and 160 of them were terminated, which is most of the rank-and-file. The company has kept - for now - 53 senior managers and executives, most likely to work on finding buyers for the company's assets and wind things down in an orderly way.

Reuters reports that: "The remaining Fisker executives also are continuing negotiations with the U.S. Department of Energy, the source said. The company hopes to renegotiate a DOE loan payment that is due on April 22."

Fisker Automotive© Michael Graham Richard

Sources at Bloomberg claim that this happened because the company failed to secure a deal with a partner. It might have been Dongfeng Motor Group, a Chinese company that has publicly revealed that it considered buying a stake in Fisker.

Of the $529 million loan from the Department of Energy (DoE), the company apparently only had access to $193 million because it failed to meet certain milestones. The remaining $336 million are presumably still with the DoE.

Via Reuters

See also: Is Fisker Automotive the next Solyndra?

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