The likely winner of the U.S. Department of Energy loan for Fisker is an investor group led by Hong Kong’s Richard Li.
Li, who is the youngest son of Asia’s richest man, is an early Fisker investor and beat out German investment group Fritz Nols AG and VL Automotive. Fisker hasn’t produced a vehicle in about 15 months and laid off most of its employees in April in order to save cash and currently owes the DOE $168 million.
Last month, the DOE determined that it had exhausted “any realistic possibility” to recoup the entire amount still owed by Fisker and opted to auction off the remainder of the loan. It is believed that bidders had to offer at least $30 million to participate in the Fisker loan auction, though the final amount has not yet been revealed.
If Li’s group turns out to be successful in purchasing the loan, they will be able to restructure Fisker unencumbered by the obligations of the DOE funds and potentially avoid a bankruptcy filing for the American electric automaker.
Read the complete story on the Fisker sale at AutoGuide.com