Nikola, the electric trucking startup, filed for Chapter 11 bankruptcy protection and intends to sell its entire business by April. During its bankruptcy hearing, lawyers indicated that three buyers have already shown interest, with a potential bid deadline in late March. If a full sale fails, Nikola might sell off its assets, estimated between $500 million to $1 billion, to settle liabilities. This situation stems from extensive challenges, including the fallout from their founder's securities fraud conviction and earlier attempts to attract investors for operational turnaround faced challenges.
'Nikola is actively seeking to sell its whole business by April, but if that fails, it will resort to liquidating assets to address its $1 billion liabilities.'
'CEO Stephen Girsky revealed that Nikola has engaged multiple financial institutions and potential buyers, but strong interest is diminished due to high turnaround costs.'
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