Tag: bankruptcy

Possible Bankruptcy for EV Maker Fisker as Industry Hit with Declining Consumer Interest

Just the News
Fisker electric vehicle on beach with people playing

Electric-vehicle startup Fisker may file for bankruptcy as the declining pace of consumer demand weighs upon the struggling company.

In a March 15 8-K filing with the Securities and Exchange Commission, the company warned investors that “Fisker did not make a required interest payment of approximately $8.4 million payable in cash on March 15, 2024 (the “Interest Payment”) with respect to Fisker’s unsecured 2.50% convertible notes” and that “the Company has a 30-day grace period to make the Interest Payment.”

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Massive Chinese Wealth Management Firm Files for Bankruptcy amid Real Estate Crisis

South Carolina Sun Staff
Chinese Homes

Top wealth manager Zhongzhi Enterprise Group declared bankruptcy on Friday after failing to pay its debts due to its heavy investment in the country’s struggling real estate market.

Zhongrong International Trust, a subsidiary of the company, told investors in November 2023 that it had at least $31 billion more in liabilities than in assets, previously having around $108 billion in assets at the end of 2022, according to The Wall Street Journal. The trust held around 11% of its assets in the property sector in 2022, with numerous developers defaulting amid a real estate crisis that began following the COVID-19 pandemic.

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