Electric-vehicle startup Fisker has hired restructuring advisers to assist with a possible bankruptcy filing, the Wall Street Journal reported. Fisker, which recently warned that it risked running out of cash this year, hired financial adviser FTI Consulting and law firm Davis Polk to work on a potential filing. The car company reported last month that it had $273 million in sales last year and more than $1 billion in debt. Fisker last month issued a so-called going-concern warning that there was “substantial doubt” about its ability to stay in business. The company said it was negotiating to raise additional cash from investors and looking for a new manufacturing partner in the U.S. Shares of Fisker fell more than 46% in after-hours trading Wednesday after The Wall Street Journal reported the company’s hiring of the restructuring firms. The Manhattan Beach, Calif.-based company in late February delayed the release of its full financial results for last year, because it lacked a sufficient number of experienced accounting professionals, according to a regulatory filing.
