Fisker Automotive has been suffering of late, after a string of unfortunately occurrences, perhaps some poor decision-making by executives, and the exit of co-founder Henrik Fisker in February.
Henrik Fisker, famous for his designs at Audi and BMW and co-founder of Fisker Automotive, didn’t leave because he’d decided his vision was clouded. When you open your decision-making to the shareholders and board members, it’s hard to maintain control.. [Maybe this is why Tesla Motors has been so successful?]
Fisker Automotive hasn’t made a single vehicle since July 2012, and there are debts to pay to suppliers, not to mention loans to the Department of Energy. Fisker is on the verge of bankruptcy, but there are a few interested parties intent on seeing Fisker survive. Bob Lutz, of Chevy Volt fame, is looking to to partner with Wanxiang and VL Automotive to acquire Fisker Automotive.
Henrik Fisker and another big investor out of Hong Kong, Richard Li, are looking to pull Fisker Automotive out of the hole with a bid of their own. Fisker and Li are proposing to buy the DoE loan for just 17.5¢ on the dollar, which means the DoE will only recover $33.6 million from the original $192 million loan. It could keep Fisker Automotive out of bankruptcy.
UPDATE: Corrected DOE Loan Amount. Original Posting stated $171 million loan, but that is what was left after the $21 million the Fisker had already repaid on the $192 million loan.