Fisker paper declines on widespread negative sentiment; WW moves lower as talks emerge

By Cristal Cody

Tupelo, Miss., March 14 – Fisker Inc.’s paper woke up in the distressed secondary market on Thursday on news reports the electric vehicle manufacturer hired restructuring advisers to help with a possible bankruptcy filing.

Fisker’s 2˝% green convertible notes due 2026 were down over 3 points at 3 3/8 bid on more than $18 million of volume, a source said.

Shares plunged over 50% as the company faces a Friday deadline to file its 10-K with the Securities and Exchange Commission.

“Not a lot of institutional investors are looking at it,” a source said. “This is one that people have been bearish on for quite some time. Unfortunately, they need to sell cars.”

Meanwhile, WW International Inc.’s distressed 4˝% senior secured notes due 2029 (B3/B-) fell over 2˝ points to just under 41 bid as reports emerged that the company was engaged with lender talks, a source said.

WW’s stock slid to consecutive new 52-week lows over the last three sessions.

“It seems the stock reacted to late-in-the-day media reports that WW hired law firm Gibson, Dunn in preparation for talks with their lenders,” Linda Bolton Weiser, senior analyst for the health, beauty and leisure markets at D.A. Davidson & Co., said in a note released to Prospect News.

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