Defaulting on US government loans is never a good thing.
You don’t need to be a rocket scientist to know that Fisker, for all intents and purposes, is finished. A few months ago it was on the verge of bankruptcy despite receiving a $529 million loan from the US Department of Energy back in 2009 to design, build and develop the Karma and other new high-tech hybrids. Fisker never turned a profit and lost about $1 billion by 2012. With its line of credit frozen in 2011, things managed to get even worse when its battery supplier went bankrupt.
Hurricane Sandy also destroyed 200 Karmas stuck at the Port of Newark. Then Fisker’s board fired Fisker, Henrik Fisker that is. With its founder gone and bankruptcy looming, it appeared that everything would soon be over. Even the US government wants this blemish gone for good as it’s now reportedly looking to sell Fisker straight up to another buyer, or even put it up for auction. Supposedly there was some recent interest from both German and Chinese buyers, but nothing has come through yet. Maybe now is the best time for a hopeful buyer to negotiate a good deal. That is if they really want an automaker that’s full of nothing but problems.