Fisker extends forbearance to May 17; Austrian unit files restructuring under self-administration

Fisker Inc./DE

Amendment No. 1 extends forbearance through May 17, 2024, with strict budget compliance and continued vehicle sales at auction/dealers/direct.
Fisker Austria voluntarily files restructuring via self-administration under Austrian Insolvency Code to protect operations, pay employees, sell vehicles, and seek strategic transaction.
Investors claiming >25% of 2026 Notes sent acceleration letter for missed interest; Company contests due to lack of registered holder evidence.
Existing defaults include missed installment payments on 2025 Notes, missed interest on 2026 Notes, and delisting from NYSE.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Fisker Inc./DE amended Amendment No. 1 to the Forbearance Agreement with an institutional investor valued at Amendment No. 1 to the Forbearance Agreement extends forbearance period to May 17, 2024 and amends d (effective 2024-05-01).

Action: amendment
Counterparty: an institutional investor
Value: Amendment No. 1 to the Forbearance Agreement extends forbearance period to May 17, 2024 and amends d
Effective: 2024-05-01

Exact text from the filing

On May 7, 2024, the Obligors and the Investor entered into Amendment No. 1 to the Forbearance Agreement (the “Amendment” and the Forbearance Agreement as amended by such Amendment, the “Amended Forbearance Agreement”), with an effective date as of May 1, 2024, pursuant to which the Investor agreed, subject to the terms set forth in the Amended Forbearance Agreement and among other things, to continue to temporarily forbear from enforcing its right to immediate redemption as demanded in the Event of Default Redemption Notice and from exercising any of its other default-related rights and remedies against the Company and the other Obligors solely with respect to the Specified Defaults, for a period commencing on April 21, 2024 and ending on the earlier of (a) May 17, 2024 and (b) the occurrence of any Forbearance Default (as defined in the Forbearance Agreement).

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Source: SEC EDGAR

accession 0001720990-24-000047

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