Published on October 20th, 2013 | by Jo Borras2
Fisker Sold to Hong Kong Billionaire
After a number of twists and turns that saw Fisker’s founders fighting for control of the company’s possible future against such industry visionaries as Bob “let’s just put a 60-year-old V8 in it!” Lutz, it appears that Hong Kong Billionaire Richard Li is the likely winner of a government loan owed by Fisker Automotive. That news, according to Reuters, comes from people familiar with the issues surrounding auction last Thursday.
Buying the loan allows Li, the youngest son of Asia’s richest man and an early Fisker investor, to restructure Fisker as he sees fit. In other words: without the need to meet the obligations associated with the original DOE funds. Li’s moves could help the now-dormant automaker avoid a bankruptcy filing and wipe out equity investors. What that means in practice, however, is anybody’s guess. Will Fisker join with Lutz’s guys to build a V8 version of the Karma? Will the company bring back Henrik and Bernard, the brand’s original founders?
Until the deal to buy Fisker’s loans is final (as of this writing, the DOE and Li are now nailing down the final details of the sale, which has not yet closed), and Li starts talking about his plans, all we’ll be able to do is sit on the sidelines and see what happens.