Bankruptcy

Chinese Company Wants Fisker in Last Minute Bid

The Fisker saga is never ending.

Fisker is officially bankrupt and the US government is doing what it can (which is very little) in order to try to recover some of its investment. All told, the US Department of Energy is set to lose some $139 million on its Fisker investment. With its Chapter 11 bankruptcy status, what’s left of Fisker was about to reportedly be sold to a company called Hybrid Tech Holdings LLC for $25 million. However, a new suitor has jumped into the mix and is about to make yet another offer for Fisker.

A last minute bid of $24.75 million by the US unit of China’s Wanxiang Corp, China’s largest auto supplier, has been offered. Despite the slightly lower offer, Wanxiang would also assume some of Fisker’s liabilities. But here’s the kicker: if Wanxiang’s bid is accepted, then it’s possible for Fisker production to resume. The company is not only interested in restarting Karma production at a facility in Michigan, but it’s also interested in getting the smaller Atlantic model up and running as well. What’s more, Wanxiang is interested in turning the Atlantic into a potential hatchback model. Until the final courtroom decision is made, Fisker’s fate is still up in the air.

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