News Column

Fisker Loan Heads for Auction Block

September 18, 2013

Ian Hamilton, The Orange County Register

fisker karma
Fisker Karma

Sept. 18--The fate of Fisker Automotive and its Karma luxury hybrid car will be decided Oct. 11, when the Department of Energy will auction $168 million in debt the Anaheim company owes U.S. taxpayers in exchange for what should amount to a controlling stake in the company, the DOE announced Wednesday.

The deadline for bids is Oct. 7. "Bidders will have an opportunity to conduct due diligence prior to the bid deadline," said a government posting.

"The department will require all bids to include a commitment and business plan that promotes domestic manufacturing capabilities and related engineering for advanced technology vehicles here in the United States," said Peter W. Davidson, executive director of the loan program office, in a blog post announcing the auction.

Reports have circulated of various groups with an interest in buying Fisker, including Honk Kong billionaire investor Richard Li, long-time Detroit auto executive Bob Lutz and Wanxiang, the Chinese company that bought Fisker's bankrupt battery supplier.


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Original headline: BRIEF: Fisker Automotive loan going to auction

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Source: (c)2013 The Orange County Register (Santa Ana, Calif.)

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