Fisker, which made the $100,000+ Karma plug-in hybrid until it shuttered its plant 15 months ago, is said to finally have a buyer in an investment group led by Richard Li, one of Hong Kong's richest men. That's according to a new Reuters report, which notes that the the deal remains private since the sale hasn't been finalized finalized.

The US Department of Energy held an auction to sell the automaker's green-energy loan last Friday and reportedly picked Li's group, and now the two parties are working through the final details of the sale. Fisker owes the DOE $168 million and doesn't have the money to pay it off, with the auction planned as part of a last-ditch effort by the DOE after "exhausting any realistic possibility" to recoup the automaker's outstanding balance. A bankruptcy filing was deemed to be a less-attractive option that would wipe out equity investors, Reuters reports. Pending the sale, Li, who was an early investor in Fisker, will be able to restructure the company without being hindered by DOE loan obligations.

A bid of $30 million was required to enter the auction, which surpasses German investment group Fritz Nols AG's offer of $25 million almost two months ago. The DOE reportedly also required bidders to agree to a plan to promote the manufacture and engineering of green cars in the US. Li's group beat Fritz Nols AG and another investment group that included Chinese parts supplier Wanxiang and former General Motors CEO Bob Lutz.

Fisker won a $529 million loan from the DOE in 2009, and had withdrawn $192 million before the DOE halted loan payments citing delays in Karma production. Fisker laid off 75 percent of its employees in April.


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    • 1 Second Ago
  • 40 Comments
      icemilkcoffee
      • 1 Year Ago
      I am confused- you mean somebody actually paid over $30million, for the privlege of assuming Fiskers $168million loan?
        jeff
        • 1 Year Ago
        @icemilkcoffee
        I am fairly sure the 168 million loan is gone... The 30million is to buy the remaining assets at a bankruptcy sale. So the government will eat roughy 138 million on this loan...
          icemilkcoffee
          • 1 Year Ago
          @jeff
          I see. That makes a lot more sense!
          raktmn
          • 1 Year Ago
          @jeff
          below... Grr.... no edit.
          raktmn
          • 1 Year Ago
          @jeff
          Jeff, is it 168 million now? I must have missed that news. The last I saw it was $172 million. Thanks for the update. Anyone who is a stickler for details, please replace "172" with "168" in my post above.
      tbird57w
      • 1 Year Ago
      There is always another John DeLorean out there
      mikeybyte1
      • 1 Year Ago
      I like that part of the loan buy out includes some form of US-based production of the car.
      Letstakeawalk
      • 1 Year Ago
      I'm eager to see when Atlantic production may begin...
      GCP
      • 1 Year Ago
      The front of every Karma still reminds me of Justin Bieber's smug face and lifestyle.
      jeff
      • 1 Year Ago
      I would love to get my paws on one of the cars and convert it to pure electric drive...
      easy_rider_danny
      • 1 Year Ago
      So Fisker is being resurrected? Beautiful car, but why would anyone continue to pay over $100K for the car if they've been going for half that in the last several months? They better change the name because a lot of people associate Fisker with "failure".
        raktmn
        • 1 Year Ago
        @easy_rider_danny
        I would expect that after paying 30+ million dollars, they would have some cash set aside to fix the problems with the Karma, and start putting out a better product that might be able to shake the old bad reputation. If they fix it right...
      hemijohn
      • 1 Year Ago
      Karma and tesla are like Ecigs. I'll stick to my cigar.
      Haelphadreous
      • 1 Year Ago
      I wonder if they would have enough money to get the Atlantic into production in a reasonable time frame, the Karma is a very pretty car, but I don't think the Karma as a single model is viable as a long term business model. But the Atlantic I think has some potential if they can get it to market within the next year or two.
      Avinash Machado
      • 1 Year Ago
      Sounds like the Saab story.
      cointel
      • 1 Year Ago
      The business strategy of Fisker was not good. The people that can afford $100,000 cars already have gas powered vehicles. This type of car is a toy. They could have created a $100,000; 400 mile electric car stuffed with all kinds of power.
      • 1 Year Ago
      [blocked]
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