Last week the Department of Energy auctioned off the remaining balance of its ATVM loan to Fisker Automotive. No firm details have been released by the government, but Reuters is reporting that an investor group led by Hong Kong business tycoon Richard Li placed the winning bid. The Department Of Energy set the minimum bid on the $168 million debt owed by Fisker, and reports say the Mr. Li may have paid less than that $30 million minimum. His bid beat out 2 other offers – one from German investment group Fritz Nols AG, and another from Chinese auto parts company Wanxiang which was fronted by VL Automotive’s Bob Lutz.
By selling off the debt, Fisker avoids the bankruptcy process, and is free from the governance of the US government, namely the requirement to build cars in the US.
Henrik Fisker, Fisker Automotive’s founder, had actually worked with Li’s group last year to try and formulate a bid, but plans fell through last summer.
In short, there’s a good chance that Fisker will be back in business, which means we could see the Fisker Atlantic…. someday.
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