Billionaire Hong Kong Investor, Richard Li, Buys Fisker Loan
Fisker Automotive, the sporty electric car maker, has filed for bankruptcy protection. The California-based company also announced it had entered an asset purchase agreement with Hybrid Tech Holdings, LLC.
“After having evaluated and pursued all other alternatives, we believe the sale to Hybrid and the related Chapter 11 process is the best alternative for maximizing Fisker Automotive’s value for the benefit of all stakeholders,” Marc Beilinson, Fisker’s chief restructuring officer, said in a statement Friday.
“We believe that the Fisker Automotive technology and product development capability will remain a guiding force in the evolution of the automotive industry under Hybrid’s leadership.”
Fisker was started in southern California in Y 2007 by former Aston Martin and BMW designer Henrik Fisker and German business partner Bernhard Koehler
With the bankruptcy and asset sale the American taxpayers got a Happy Thanksgiving greeting from the Obama administration.
The US Energy Department (DOE) has sold its $192-M loan guarantee to Fisker Automotive to Chinese billionaire Richard Li for $25-M, thus creating the largest taxpayer loss on a Green Loan since the failure of Solyndra.
The Energy Department will announce the “selling of the promissory note” to Hybrid Tech, which is owned by Chinese billionaire Richard Li, according to sources familiar with the sale.
The DOE sold the loan to Li for $25-M after lending the financially troubled green automaker a total of $192-M since Y 2009.
“Once again, American taxpayers are losing out to foreign investors due to the Obama administration’s failed green energy policies. Time after time this administration has fumbled the ball with their attempts to pick winners and losers when it comes to American energy,” House Energy and Commerce Committee vice chairman Marsha Blackburn (R-TN), said in a statement.
“As a result of President Obama’s misguided policies, the Department of Energy Loan Guarantee program is quickly becoming a highly utilized stimulus program for foreign investors,” she added.
The WS-J quoted a spokeswoman for Hybrid Technology, parent company of Hybrid Tech Holdings, as saying it was “committed to building upon the Fisker legacy and presence in the United States as a foundation for the design and manufacture of advanced hybrid electric vehicles.
This is an ongoing story, stay tuned…
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