India, Feb. 6 -- Nikola Corp. (NKLA), the electric vehicle manufacturer, is exploring the possibility of filing for bankruptcy under Chapter 11, according to several media reports citing people familiar with the matter.
The reports indicated that the company is currently working with legal and financial advisors to prepare for the move, which would offer protection from creditors as it faces significant financial challenges. While the plans are not finalized, the reports suggest that the situation remains fluid and could change.
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