Fisker Looking to Buy Back Fisker?

Bankruptcy

Fisker Automotive is facing hard times but it may still have a future as its founder and a former GM exec lead competing efforts to buy its debt.

The ongoing saga of Fisker Automotive never seems to end. Just last week it was revealed that Bob Lutz, the retired GM Vice Chairman and corporate gear head, was leading an effort to buy the troubled plug-in hybrid automaker. Now heading his own small carmaker, VL Automotive, Lutz and Chinese parts supplier Wanxiang Group seemed quite interested in taking control of Fisker for unidentified reasons, although we’re pretty sure the VL Destino has something to do with it.

But today the story gets even more interesting. We already knew that another team of investors from Europe and Hong Kong were also gunning for Fisker, only now it turns out that Henrik Fisker himself is a part of this latter suitor. According to a Reuters report, Henrik Fisker has teamed up with Hong Kong billionaire and original Fisker investor Richard Li in an effort to buy the US Department of Energy’s loan to Fisker, thereby not forcing it into bankruptcy. Reuters claims the Hong Kong investors may offer around $25 million to $30 million for the loan and that the DOE is considering the legal ramifications of selling the loan off.

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Thing is, that buyout would not resolve any outstanding debt Fisker owes to suppliers. But still, Lutz and co. reportedly put in a $20 million offer for Fisker and if neither party backs off on its efforts to take control of the automaker, then we could be looking at an upcoming bidding war.

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