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Henrik Fisker Teams Up With Hong Kong Billionaire Richard Li to Save Fisker Automotive
Although Fisker Automotive hasn’t produced a car since July, a few parties have stepped up to save the fledgling automaker. Reports say that Fisker co-founder Henrik Fisker has teamed up with a group of investors including Hong Kong billionaire Richard Li to try to save the brand before bankruptcy proceedings begin. Their goal is to buy the U.S. Department of Energy’s loan to Fisker – worth about $171 million – for a much lower $25 – $30 million.
Fisker Automotive was originally awarded a $529 million loan, but the DOE stopped payments in mid 2011 when the automaker failed to meet certain targets. Last month, Fisker’s problems came to a head when it laid off 160 of its employees after failing to find a funding partner. It didn’t help that the automaker’s co-founder Henrik Fisker stepped down and that its lithium-ion battery supplier, A123 Systems filed for bankruptcy last year. A separate group that includes former General Motors executive Bob Lutz and Wanxiang Group has also offered to buy Fisker for $20 million.
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