Published on May 27th, 2013 | by Jo Borras5
Fisker May Be Saved – By Henrik Fisker!
In a move worthy of a few paragraphs in
one of the good Ayn Rand novel s, Henrik Fisker is working with an investor group led by multi-billionaire (and early Fisker investor) Richard Li in hopes of buying out Fisker’s DOE loans and saving the company.
When Henrik Fisker walked away from the Fisker brand and his longtime partner, Bernie Koehler, over budget concerns and disagreements about the future direction of the company that bore his name, many thought Henrik had left the ugly business of righting Fisker to someone else. It turns out, we might have underestimated the lad: Henrik is trying to buy his company back!
Henrik Fisker’s bid, at this point, is competing with Bob Lutz’ B456-funded bid to buy Fisker, which we covered in some detail a few days ago. In either case, however, the winning group must repay Fisker’s $171 million DOE loan to the government’s satisfaction – which could sway the deal towards the well-connected Bob Lutz, who became something of a media darling in his handling of a post-bankruptcy GM. At the moment, the DOE is examining the legal ramifications of selling the loan, a person familiar with the DOE’s thinking said Thursday. It’s worth noting, as well, that such a step would not resolve any outstanding debt owed to Fisker’s suppliers, and that Lutz’ backers count themselves in that number.
Whoever ends up with Fisker, the fledgling carmaker faces a steep challenge to regain credibility after a string of financial and quality-control setbacks. Also: God seems to hate Fisker (just sayin’).
Source: Reuters, via Autoguide.