Bankrupt Nikola wants to sell its whole business by April

Core Points - Nikola is seeking to sell its entire business as early as April, with at least three interested buyers identified [1][6] - If a complete sale is not achieved, Nikola plans to sell its assets individually to address over $1 billion in liabilities [2][6] - The company filed for Chapter 11 bankruptcy protection, ceasing operations as a standalone entity [2][6] Group 1: Bankruptcy Proceedings - The bankruptcy hearing took place shortly after Nikola filed for protection, with the company expressing urgency due to limited cash reserves of approximately $47 million [9][11] - Nikola's legal representatives anticipate a smooth sale process, with a bid submission deadline likely set for late March [7][8] - A potential auction could occur around March 31, with a hearing on any sale expected in the second week of April [7] Group 2: Acquisition Efforts - Nikola has previously engaged with Goldman Sachs and solicited interest from 22 potential acquirers, including international automotive manufacturers [4][5] - After unsuccessful negotiations with multiple parties, Nikola is now in active discussions with at least three interested buyers [6] - The company is also marketing high-value assets, such as its factory in Coolidge, Arizona, for potential sale [6] Group 3: Stakeholder Interests - A group of shareholders involved in a class action lawsuit against Nikola supports a rapid bankruptcy process due to the company's dwindling cash [10][11] - The plaintiffs have a significant creditor claim of around $13 million, emphasizing the need for expediency in the proceedings [10][11] - Inbound interest from potential buyers has reportedly increased since the bankruptcy filing, indicating a more favorable market environment [8]