A company that announced plans more than a year-and-a-half ago to build a small electric vehicle in Lordstown has hired restructuring advisers to assist with a possible bankruptcy filing, according to the Wall Street Journal.

A report published on Wednesday cited “people familiar with the matter” claiming that Fisker Incorporated has hired financial adviser FTI Consulting and attorneys Davis Polk.

As reported earlier by 21 News, Fisker’s plans to manufacture a small electric vehicle at Foxconn’s plant in Lordstown were put on the back burner as Fisker struggles to survive.

Fisker reported a loss of $463.6 million in the final quarter of 2023 primarily attributed to a combination of operating losses and adjustments related to its 2025 notes.

During an investment conference call on Thursday, Fisker Chairman and CEO Henrik Fisker said the company is not planning to spend cash on future projects until it has a strategic partnership in place with an automaker.

Those two projects on hold are the Alaska pickup truck and the affordable PEAR electric vehicle.

Foxconn announced in October 2022 that it had reached an agreement with Fisker to manufacture the PEAR at Foxconn’s Lordstown facility, which is the former General Motors Assembly plant.

Announcing that there is substantial doubt about Fisker’s ability to continue as a going concern, the company said in an earlier news release that its current resources may not be sufficient to survive over the next year without additional equity or debt financing.

Henrik Fisker said his company is negotiating with an as-yet-unnamed large automaker for a potential transaction which could include an investment in Fisker, joint development of one or more electric vehicle platforms, and North American manufacturing.

Reuters reported that Fisker is in talks with Nissan Motor Co. to include the potential of the automaker investing $400 million into the EV start-up company and build their EV truck, Alaska, by 2026 at one of Nissan's US assembly plants in Tennessee or Mississippi.

 So far, Fisker and Nissan have not publicly commented on any deal between the two companies.

Lordstown Motors, a tenant of the former GM Assembly Plant taken over by Foxconn, also went bankrupt. Lordstown Motors has since been purchased by investors including former Lordstown Motors founder Stephen Burns.