{"id":659770,"date":"2013-05-23T06:00:47","date_gmt":"2013-05-23T10:00:47","guid":{"rendered":"http:\/\/www.pehub.com\/?p=220479"},"modified":"2013-05-23T06:00:47","modified_gmt":"2013-05-23T10:00:47","slug":"reuters-fisker-fields-20m-offer-from-bob-lutz-wanxiang","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/659770","title":{"rendered":"Reuters \u2013 Fisker Fields $20m offer from Bob Lutz, Wanxiang"},"content":{"rendered":"

A team including former General Motors Co<\/strong> executive Bob Lutz and China’s largest parts maker is looking to buy Fisker Automotive<\/strong> for $20 million, a fraction of the “green” car company’s estimated worth almost a year and a half ago, writes Reuters<\/em>. In the spring of 2012, Fisker competed a fundraising round that valued the company at $2.2 billion.<\/p>\n

Reuters<\/em> – A team including former General Motors Co (GM.N) executive Bob Lutz and China’s largest parts maker is looking to buy Fisker Automotive for $20 million, a fraction of the “green” car company’s estimated worth almost a year and a half ago.<\/p>\n

People familiar with the matter said on Wednesday that VL Automotive, a venture between Lutz and industrialist Gilbert Villarreal, and China’s Wanxiang Group submitted the bid earlier this month to buy Fisker through a prepackaged bankruptcy deal.<\/p>\n

This is one of at least two investor groups looking to gain control of Fisker, which has not built a car since July. Earlier this year, the company hired bankruptcy advisers and fired the bulk of its staff, while continuing to seek a buyer.<\/p>\n

VL Automotive, Lutz and Pin Ni, president of Wanxiang’s U.S. division, declined to comment. Representatives for Fisker did not immediately comment.<\/p>\n

The $20 million bid is a far cry from Fisker’s estimated value during the launch of its flagship Karma plug-in hybrid sports car. In December 2011, Fisker told prospective investors that its total capitalization was “approaching” $2 billion, according to an investor document filing obtained by Reuters.<\/p>\n

In the spring of 2012, Fisker competed a fundraising round that valued the company at $2.2 billion, according to regulatory filings analyzed by venture capital data provider VC Experts.<\/p>\n

VL Automotive is building a car called the Destino, which has the shell of a Fisker Karma with the powertrain of a Chevrolet Corvette. Wanxiang bought Fisker’s battery supplier out of bankruptcy, a deal that was approved by a U.S. judge this year.<\/p>\n

Since its founding in 2007, Fisker has raised $1.2 billion in private funds. The company won a $529 million U.S. Department of Energy (DOE) loan, but the department halted payments in mid-2011 after Fisker missed certain performance milestones.<\/p>\n

Fisker now owes the DOE about $171 million in loans. A separate team of investors is looking to buy out the DOE’s position in Fisker at a discount, sources previously said.<\/p>\n

The DOE declined to comment.<\/p>\n

(Reporting by Deepa Seetharaman in Detroit and Norihiko Shirouzu in Tokyo; additional reporting by Ben Klayman in Detroit; Editing by Chris Reese, Bernard Orr)<\/p>\n

The post Reuters – Fisker Fields $20m offer from Bob Lutz, Wanxiang<\/a> appeared first on peHUB<\/a>.<\/p>\n

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A team including former General Motors Co executive Bob Lutz and China’s largest parts maker is looking to buy Fisker Automotive for $20 million, a fraction of the “green” car company’s estimated worth almost a year and a half ago, writes Reuters. In the spring of 2012, Fisker competed a fundraising round that valued the […]<\/p>\n","protected":false},"author":7428,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-659770","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/659770","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/7428"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=659770"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/659770\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=659770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=659770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=659770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}