As Fisker attempts to avoid bankruptcy, the struggling startup’s board of directors has appointed an experienced adviser as its chief restructuring officer.
John DiDonato, managing director of Huron Consulting Group, joined Fisker on April 25, according to a Securities and Exchange Commission filing. He brings more than three decades of experience guiding organizations through restructuring, operational transformation, capital raising, buy-side advisory and merger integration, according to his biography.
DiDonato has full authority over the Fisker’s budget and any decisions surrounding the sale of the company or its assets, the filing states. His appointment comes as the electric vehicle maker had just $53.9 million in liquid cash and roughly $181 million in debt on an investment loan in default, according to an April 22 securities filing.
In March, Fisker said it planned to stop producing vehicles for six weeks and raise up to $150 million by selling convertible notes as it fought for survival. But weeks later, after a deal with a major automaker fell through, the company informed investors it could file for bankruptcy within 30 days, according to its annual report filed April 23.
Meanwhile, Fisker has been working to secure new dealer partnerships, even as Magna International, the contract manufacturer that builds the Fisker Ocean, said its outlook assumes no further production of the model in its recent earnings report.
