Ontario · Bankruptcy
Trustee's Preliminary Report dated November 26, 2024
Court officer report · 26 November 2024
A plain-language read of this filing opens with a subscription.
What we verified from this filing9 verified
- appointeeKSV Restructuring Inc.
- appointee roleLicensed Insolvency Trustee
- commencement date6 November 2024
- provinceONTARIO
- financial positionnote: Assets at the date of bankruptcy ($000s): cash 1,707; HST receivable 834; prepaid expenses and other 476; intercompany receivable 4,021; total 7,038. No liabilities-side balance sheet is stated; unsecured obligations totaled approximately $21.1 million at the date of bankruptcy. Secured: 'The Trustee is not aware of any secured creditors and no secured claims have been advanced against the Company as at the date of this Report.' Priority: 'The Trustee is not aware of any priority or trust claims.' The intercompany receivable is due from Fisker GmbH (Fisker Austria), itself subject to a restructuring process in Austria; prepaid expenses represent customer deposits held at JP Morgan Bank. · page: 2 · as at: 2024-11-06 · basis: Book value per the Company's books and records; table stated in $000s; Trustee has not audited or otherwise verified the information · scope: Fisker Canada Ltd. (single entity) · currency: CAD · total assets: 7038000
- unsecured creditorsnote: The document states total unsecured obligations of approximately $21.1 million at the date of bankruptcy, primarily comprised of the Parent Obligation plus 'various amounts owing to customers with respect to deposits, vehicle warranty obligations and deferred revenue'. The customer amounts are not separately stated and no individual customers are named; amount left null rather than computed. · page: 3 · as of: 2024-11-06 · basis: Company's internal accounting information, as reported by the Trustee (Trustee has not audited or verified) · debtor: Fisker Canada Ltd. · creditor: Customers (deposits, vehicle warranty obligations and deferred revenue) · currency: CAD
- unsecured creditorsnote: Approximate ('approximately $19.0 million', the 'Parent Obligation'), stated at the date of bankruptcy (November 6, 2024). Trustee's preliminary understanding: approximately $17.4 million for EVs shipped to the Company for sale in Canada which remain unpaid, and approximately $1.6 million in intercompany loans for startup costs. Interest does not accrue on the Parent Obligation. Related party: wholly owning U.S. parent, itself in Chapter 11 since June 17, 2024 (the Company was not included in those proceedings). · page: 3 · as of: 2024-11-06 · basis: Company's internal accounting information, as reported by the Trustee (Trustee has not audited or verified) · amount: 19000000 · debtor: Fisker Canada Ltd. · creditor: Fisker Group Inc. (the Parent) · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Based on the current cash balance and the absence of secured creditors, the Trustee anticipates making a distribution to unsecured creditors in due course. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2024-11-26 · table missing:
- secured creditors