Bankrupt Nikola wants to sell its whole business by April

Electric trucking startup Nikola is hoping to sell what remains of its whole business as early as April, lawyers for the company told a judge Thursday during the first hearing of its bankruptcy case in Delaware. The lawyers claimed Nikola already has at least three interested buyers (who they did not name) and that the company hopes to solicit other bids, with a submission deadline likely in late March. If Nikola can’t find a buyer willing to take on the whole business, the company will pivot to selling off its assets in pieces in an attempt to satisfy more than $1 billion in liabilities. (Nikola claims between $500 million and $1 billion in assets.) The hearing was held just one day after Nikola filed for Chapter 11 bankruptcy protection and announced it would no longer operate as a stand-alone business, bringing an end to a company that has been plagued with drama after its founder Trevor Milton was convicted on multiple counts of securities fraud. Nikola had been trying to sell ... Read full article.