Hybrid Manufacturer and Obama Loan Recipient Fisker Automotive Sells Assets to China
Fisker Automotive, the electric car manufacturer that received a $529 million loan guarantee from the Obama administration in 2009 and then went belly-up, forcing the government to lose $139 million on its loan, admitted Monday it had sold virtually all of its assets to the Chinese auto parts group Wanxiang for $150 million.
Marc Beilinson, Fisker's restructuring officer, said, "The completion of this transaction represents a significant achievement and is a great result for all Fisker Automotive stakeholders. This successful outcome would not have been possible without the productive support from Wanxiang, our creditors' committee, and their advisors."
Fisker, started in 2007 by former Aston Martin and BMW designer Henrik Fisker and German business partner Bernhard Koehler, got the huge loan from Obama for its $100,000 hybrid Karma sports car, but eventually reached the point in 2013 that it laid off 75% of its employees.