April 26, 2013 |
In a week in which beleaguered Fisker Automotive failed to make a $10-million loan payment, owners are looking to unload their cars. In some cases, they are seeing some very low offers. There were 48 listings for the high-end, hybrid electric Fisker Karma Eco-Chic and Eco-Sport cars on the Yahoo! auto sales pages. That might not seem like a lot, but the new- and used-car research company Edmunds said there were only 947 new registrations of Fisker automobiles between January 2012 and February of this year.
April 24, 2013 |
WASHINGTON - Top executives from failed hybrid car maker Fisker Automotive Inc. denied claims in Congress that the company had used political connections to secure $192 million in government loans to finance a flawed business plan. The executives appeared Wednesday before Congress for the first time since the Department of Energy seized $21 million Fisker had remaining in an account April 11. The Anaheim company was approved for a $529-million loan in 2010 and received $192 million before getting cut off. Fisker laid off most of its workers this month and is expected to file for bankruptcy.
April 22, 2013 |
Troubled sports car maker Fisker Automotive Inc. failed to make a $10-million payment on a federal government loan Monday, tipping the Anaheim company closer to a bankruptcy reorganization or liquidation. Fisker was scheduled to start to pay down about $192 million it had borrowed under the Energy Department's Advanced Technology Vehicles Manufacturing Loan Program. The Energy Department said that on April 11, it “recouped the company's approximately $21 million reserve account -- funds that came from the company's sales and investors, not our loan - - and will apply those funds to the loan.” An individual familiar with the process but not authorized to speak about Fisker's debt said the government essentially swept the car company's account clean but now must wait to see if the automaker is sold or obtains new investor money before it can try to recoup more of the loan.
April 5, 2013 |
Stymied by unsuccessful efforts to craft a deal with Chinese investors to save the company, struggling carmaker Fisker Automotive laid off most of its workers Friday. Analysts said the move, combined with retaining a bankruptcy law firm last month, likely signals the death of the Anaheim company, which was founded by auto designer Henrik Fisker in 2007 with high hopes of selling highly styled hybrid sports cars and sedans. That could leave the federal government essentially owning the automaker.
April 5, 2013 |
Struggling carmaker Fisker Automotive laid off 160 employees, most of its staff, Friday as it struggles to reach a financing deal that would save the maker of the Karma hybrid sports car. The Anaheim company dismissed all but a core group of about 40 workers needed to keep the business running as it continues talks with three Chinese businesses considering buying or investing in Fisker, according to individuals familiar with Fisker's strategy....
March 29, 2013 |
Unless its celebrity customers such as teen idol Justin Bieber and actor Leonardo DiCaprio want to put a lot of their own cash into the business, it looks like hybrid sports car company Fisker Automotive is nearing the end of the road. Fisker has hired Kirkland & Ellis, a major bankruptcy law firm, to review the company's options while it continues to seek investment partners. “We are not commenting at this stage in the game,” said Roger Ormisher, a Fisker spokesman. “There are too many moving factors and a number of different directions this can go.” The automaker has been working for months to raise $500 million so it could restart production of the Karma, its only model, which is built in Finland.