Henrik Fisker Attempting to Buy Back Fisker Automotive

Henrik FiskerFiskerUnited States of America, 2007 > present5 models
117 photos
2 videos
has partnered with Hong Kong investor Richard Li to attempt to buy back his bankrupt Fisker Automotive. He resigned from the company in March after founded the company six years ago and building the Karma range-extended luxury sedan.

His plan is to buy back the company's remaining $171 million loan from the US Department of Energy but only pay around $25 million to $30 million for it. The DOE might be willing to do this because Fisker does not have $171 million in assets, and it is not in the department's interest to own a bankrupt automaker. 

If the deal goes through, Fisker will still owe money to is suppliers, but the DOE will not longer be able to veto business decisions made by FIsker.

The other factor against Fisker is that there is a potential second bidder for the company. Chinese parts supplier Wanxiang Group is preparing to bid around $20 million for Fisker. 

Fisker began having financial problems with suppliers last summer and received its last shipment of cars from Valmet in Finalnd in the fall. Unfortunately, they were sitting in customs when Hurricane Sandy hit the east coast of the US, and the cars were destroyed. It sold a total of about 2,000 KarmasFisker Karma SportUnited States of America, 2009 > present9 photos
while they were in production.

Source: Reuters