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What a coincidence!

I've just announced on facebook that I will be submitting an LOI to purchase Fisker too!
The company or a car? :s
The car would be a much better deal. The company comes with a LOT of debt and lots of unhappy suppliers, customers, and employees, not to mention the State of Delaware looking for their pound of flesh.

I would go with the car. :D
 

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EX:Shadow/Canyon #324
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Fisker Automotive's U.S. Loan Draws Suitors

The U.S. government is awaiting approvals for an auction of the loan obligation held by plug-in hybrid electric car maker Fisker Automotive Inc., a U.S. official said. Fisker received a $529 million loan from the Department of Energy's Advanced Technology Vehicles Manufacturing Loan Program and drew down about $192 million before the department froze the loan after Fisker failed to hit several development targets.

The company defaulted on its loan in April and hired restructuring advisers, but hasn't filed for bankruptcy. The company's investors have sought to sell the business and its loan obligation at a reduced rate outside of bankruptcy court.

There have been several reported suitors for the maker of the $100,000 and up Fisker Karma sedan. In each case, the buyers want the U.S. government to take much less than the amount owed on the loan by the auto maker, according to people familiar with the matter.

Fisker raised more than $1.2 billion over five years, including the about $192 million in U.S. taxpayer funds, to build its car. After it failed to make loan payments earlier this year, the government seized $21 million from the company's bank account.

The loan purchase proposals are moot outside of an auction, similar to one held for Vehicle Production Group, a maker of natural-gas powered wheelchair accessible vans, a few weeks ago. VPG's nonperforming loan was sold in an auction to AM General LLC for $3 million. The original loan was for $50 million.

Several investor groups, including Chinese auto parts maker Wanxiang Group as well as a Hong Kong investment group have expressed interest in the Anaheim, Calif.-based auto maker. Fisker hasn't produced a vehicle in more than a year and has laid off nearly all of its employees.

Pin Ni, the president of Wanxiang's U.S. operation, said in an email that there had been little progress. "We will need to see the package they put together to decide," he said. Wanxiang purchased the automotive battery assets of A123 Systems Inc. in bankruptcy court. That firm, now called B456, was Fisker's battery supplier.

Fritz Nols AG, a German investment group, submitted a proposal to the Department of Energy to purchase Fisker, said Ingo Voigt, a partner in the firm, in an email. News of the proposal was first reported by Greencarreports.com.
A DOE official would not confirm that any proposals had been submitted, but said the department could not consider a proposal if it is outside of a competitive process according to the Debt Collection Improvement Act.

In order to auction the loan, various government agencies, including the U.S. Department of Justice, have to sign off on selling the loan.

Attempts to contact Fisker Automotive for comment were unsuccessful. The company's phone listing for its Anaheim headquarters has been disconnected and executive phone numbers terminated. Fisker's restructuring firm, Kirkland & Ellis, didn't immediately return requests for comment. Y
 

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Interesting. It sounds like the DOE has to initiate an RFP to solicit proposals in order to satisfy the "competitive process" requirement. Does that mean that the private equity investors - who ponied up most of the $1.2B - have no say in the matter? That doesn't seem equitable or logical.
 

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EX:Shadow/Canyon #324
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Interesting. It sounds like the DOE has to initiate an RFP to solicit proposals in order to satisfy the "competitive process" requirement. Does that mean that the private equity investors - who ponied up most of the $1.2B - have no say in the matter? That doesn't seem equitable or logical.
This is just to sell off the loan, so the buyer would assume the position of the secured creditor that the DOE currently enjoys. There is no effect on the equity holders until there is a bankruptcy, in which case the equity holders typically get nothing, or a re-capitalization, where they get virtually nothing.
 

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Okay, I get it, selling the DOE loan would allow the buyer to control the IP, tooling and other assets, and as a practical matter they could own FA at a discount to the existing loan. But according to the DOE, there still has to be a formal bidding process. Has that process even begun?
 

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But according to the DOE, there still has to be a formal bidding process. Has that process even begun?
I don't think so.
They mentioned, that several agencies have to agree on it.

What if Tesla would send a bid to get rid of the Fisker story???





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I don't think so.
They mentioned, that several agencies have to agree on it.

What if Tesla would send a bid to get rid of the Fisker story???





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Tesla needs every penny they have for production, they prob need to sell more stocks for cash. Beside , Elon believe hybrid is a inferior concept to pure electric. Just don't see it happens.
 

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Not to mention the fact that Fisker Automotive is no longer (at least at present or the foreseeable future) threatening Tesla's sales in any way, shape or form.
 
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