Henrik Fisker Now Waits To See If He Is Returned To The Company He Founded

Henrik Fisker Now Waits To See If He Is Returned To The Company He Founded

A few days ago it was revealed that Bob Lutz, former vice-chairman of General Motors, and now part-owner of VL Automotive was looking to acquire what remains of Fisker Automotive, along with Chinese part giant Wanxiang for around $20 million dollars; that is, after the company gets a Chapter 11 rinse through bankruptcy anyway.

Alongside this bid, was news that Hong Kong billionaire Richard Li was also interested in raking in the automaker; and now it appears he too has a high profile front man for the acquisition.

Enter Henrik Fisker.

Only two months removed from stepping down as chairman of the company he founded six years ago after high profile disagreements with Fisker Automotive's Board of Directors, Henrik now looks to re-insert himself into the company via Li's investment interest in the company.

Unlike the Lutz/Wanxiang offer for Fisker that would see the automaker shake its debt responsibilities through a prearranged bankruptcy (such as the $171 million it still owes the DoE), the investment group with Mr. Fisker and Mr. Li seeks to buy out the government's debt position for a set dollar amount, then leave Fisker 'as is' without a trip to bankruptcy court.

According to sources, the DoE is actively consider this option and is trying to figure out the legal ramifications.

Could The Fisker Atlantic Still See The Light Of Day?

Could The Fisker Atlantic Still See The Light Of Day?

Not only would the brand Fisker remain, but other creditors, of whom the company still owes money to, may yet recoup some outstanding invoices...such as their website provider, and Fisker HQ's landlord.

As reported by Reuters, there was no confirmation of exactly what role Henrik would play in this offer.

Former Fisker CEO Tom LaSorda, has said he would like to see Fisker Automotive not enter bankruptcy, and that the company would be yet even more valuable to potential suitors without its DoE obligations

"If it goes the other way, you get nothing," LaSorda said in an interview on Thursday to Reuters, saying that buying the U.S. loan would be a "very smart, strategic move."

The Li group is apparently offering about 17 cents on the dollar for the Department of Energy loan, or between $25 million and $30 million; a $5 to $10 million dollar premium over the VL Automotive/Lutz proposition that would see the company go through a prearranged bankruptcy, not unlike the process for General Motors and Chrysler previously.

Reuters