Henrik Fisker, CEO of electric car maker Fisker, cut his salary to $1 in an effort to cover bankruptcy costs after filing for Chapter 11 protection last month.

A filing Tuesday in bankruptcy court on behalf of Fisker's chief restructuring officer John DiDonato stated that Fisker and his wife, Dr.

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The couple reportedly made the decision on July 8, following a July 3 hearing where the pair were asked if they were still on the payroll by an attorney for the U.S. Trustee's office to ensure that all options for cost cutting were in place as bankruptcy. proceedings continued.

The statement also said Fisker would forgo “certain severance payments, certain employee health care benefits and vehicle sales incentive bonuses” that had not yet been paid.

^{Fisker CEO Henrik Fisker speaks during the inauguration of “Product Vision Day” (Frederic J. BROWN / AFP) (Photo by FREDERIC J. BROWN/AFP via Getty Images)}

It is not yet known how much the Fiskers were paid up front reducing their wagesalthough it was stated in a separate SEC filing in 2022 that they received cash bonuses of $710,000 and a minimum salary of $62,400.

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The electric vehicle company, once seen as a threat to Tesla and others, filed for bankruptcy protection in a Delaware court last month just a year after delivering its first vehicle, the Ocean, and six years after its official establishment.

“Like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently,” Fisker said in a statement at the time of its filing. “After evaluating all options for our business, we determined that proceeding with the sale of our assets under Chapter 11 is the most sustainable path forward for the company.”

The company estimated its assets to be between $500 and $1 billion, with liabilities between $100 and $500 million.