Nikola Files for Bankruptcy With Plans To Sell Assets, Wind Down

Nikola, the hydrogen-truck maker that briefly sported a market value comparable to Ford Motor, has filed for bankruptcy with plans to wind down its business. From a report: Nikola on Wednesday said that it made the chapter 11 filing with the U.S. Bankruptcy Court in Delaware and that it plans to conduct a court-supervised auction of its assets.

The Phoenix company said it worked for months with its financial and legal advisers to find a way to sustain its operations before determining that a structured sale process was the best way to maximize the value of its assets.

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