Fisker (FSR) Stock

Bankrupt EV startup Fisker is reversing course just a few days after telling owners that they would have to pay labor costs for recall repairs. The company edited the FAQ page on its website to say “Fisker will provide the necessary parts (including the labor) at no cost to you.

Shares of Fisker (OTCMKTS: FSRNQ ) stock are down by another 10% today, bringing the bankrupt company's year-to-date loss to 99.78%. Now, the big question remains: who will be able to receive the proceeds from a liquidation?

After a relatively short legal snafu, Fisker (OTCMKTS: FSRNQ ) will be allowed to essentially liquidate its remaining inventory of electric vehicles (EVs) as a means of paying its creditors and bankruptcy costs. Indeed, on Tuesday, a Delaware bankruptcy court judge ruled in favor of the sale after the company faced an objection by the U.S. Trustee.

Fisker has been given the green light by a bankruptcy judge to sell more than 3,000 of its Ocean SUVs to a vehicle leasing company, a deal that will net the defunct EV startup a maximum of $46.25 million. The approval of the sale clears the way for the rest of Fisker's bankruptcy process to play out as it continues to liquidate what's left of its failed business.

One major dissenter threatens to upend Fisker's apparent best chance at offloading its unsold EVs, a deal that would keep the startup's bankruptcy proceeding alive and pave the way for paying pack creditors some of what they're owed.

Fisker Inc. co-founders Henrik Fisker and his wife Geeta Gupta-Fisker are lowering their salaries to $1 in order to keep their failed EV startup's bankruptcy proceedings funded, as lawyers work to complete a sale of its remaining inventory.

Fisker is recalling 7,545 Ocean electric SUVs due to a water pump issue that could cause a loss of power, the National Highway Traffic Safety Administration said.

It just keeps getting worse for bankrupt Fisker (OTCMKTS: FSRNQ ). Last month, the National Highway Traffic Safety Administration (NHTSA) announced three recalls for the Fisker Ocean SUV.

Failed electric vehicle maker Fisker is seeking court approval to sell its inventory for cheap.  Techcrunch reported its cars would be sold to American Lease for 20% of what others paid for them.