Fisker, a California-based electric vehicle designer that hoped to compete with Tesla, is teetering on the edge of bankruptcy.

The company revealed its dire situation in a filing with the Securities and Exchange Commission on Tuesday. Once valued at $2.9 billion, Fisker’s coffers have dwindled to the point where the company failed to make an $8.4 million interest payment in March. Without fresh capital or relief from debt holders, the carmaker expects it will need to file for bankruptcy within 30 days, the filing revealed.

The article Calif. carmaker Fisker, once worth $2.9 billion, warns of looming bankruptcy first appeared at SFGATE.COM and is authored by Stephen Council.