Thursday, May 23, 2013

Report: Investors Bidding $20M For Fisker Automotive

Struggling electric car maker Fisker Automotive has received a bid from a group of investors, to purchase the company for a mere $20M, according to a report today. Reuters reported that a group led by former General Motors exec Bob Lutz has offered to buy Fisker Automotive for only $20M, which is a mere fraction of both the company's recent valuation--not to mention the amount invested in the company, which totals more than $1.2 billion in a combination of equity and Department of Energy funds. Fisker has been on the brink of bankruptcy in the last few months, having laid off most of its staff, hired a bankruptcy lawyer, is fending off its vendors in court over unpaid bills, and missed a federal loan payment.

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