Weather New York, NY +78°F

Regions

Fisker's DOE loan bought by Hong Kong consortium

Close
(Credit: Reuters) The image is the logo of Fisker Automotive.Fisker
October 18
7:43 AM 2013

Hong Kong magnate Richard Li lead an investor group that would most likely nab the government loan owed by Fisker Automotive, the plug-in hybrid sports car manufacturer which recently had become dormant. This was confirmed by individuals familiar with the discussions on the matter.

Li's consortium was chosen by the Department of Energy after an auction conducted last Friday was done to sell the specific green energy loan. The DOE and Li's representatives are now finalizing the final details of the sale which would still nned to be closed and finalized.

In purchasing the loan, Li, one of the sons of Asia's richest man and an early investor in the hybrid car company, would have the free hand to restructure Fisker without having to manage the obligations of the DOE funds and avoid bankruptcy altogether.

Li had beaten two other groups seeking to purchase the loan in the auction held last Friday. The other parties were German investment firm Fritz Nols AG who was in a group that included Wanxiang the auto parts supplier and Bob Lutz, the former General Motors executive.

© 2019 VCPOST, All rights reserved. Do not reproduce without permission.
Tags
Share

Comments

Join the Conversation

Subscribe to VCpost newsletter

Sign up for our Deals of the Day newsletter.
We will not spam you!

Real Time Analytics