William Maley

Staff Writer - CheersandGears.com

October 18, 2013

Last month, we told you about the U.S. Department of Energy putting up for auction Fisker's $124 million loan in a effort to recoup as much money as they can. There were a number of suitors who were ready to take on the loan including;

• Hong Kong-based investor Richard Li
  
• Chinese automotive supplier Wanxiang Group and Bob Lutz's VL Automotive
  
• German investment group Fritz Nols AG
  

Today, we might have an answer as to who bought the loan.

Reuters is reporting the Richard Li's investment group won the auction and are now in the process with the Department of Energy to finalize details of the sale. Sources say bidders in the auction had to offer at least $30 million for a chance of buying Fisker's loan. It's unknown at this time how much Li's bid was.

Previously we reported that Fisker Automotive's founder, Henrik Fisker was a part of Li's group. Now it's being reported the two have gone their separate ways. Sources say the two remain on good terms.

So what Li's investment group get with buying Fisker's loan? Well it gives Li's group a stake in the company. It also allows Fisker to starve off bankruptcy for a time.

Source: Reuters

William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster.

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Not good, Chinese now own the loan, Tax payers loose and the technology what little there is will go to mainland china and be lost as people send their money overseas to china.