Wanxiang and VL Auto Want to Buy Fisker image

VL Automotive, led by former GM executive Bob Lutz, and Wanxiang Group plan to buy Fisker, according to anonymous sources.

China’s Wanxiang Group and VL Automotive made an offer to purchase ‘green’ automaker Fisker through a prepackaged bankruptcy. Last month Fisker fired most of its employees and hired bankruptcy advisers. The sources also said that investors in Hong Kong and Europe are trying to purchase $171 million in debt which the automaker still owes to the Energy Department.

Back in January, Wanxiang got approval to purchase Fisker’s lithium-ion battery supplier, A123 Systems, which has filed for bankruptcy and an US judge approved this week A123’s bankruptcy plan. Fisker has not manufactured a single $100,000-plus Karma plug-in hybrid since July.

Last month Fisker announced during the congressional hearing it is considering filling for bankruptcy. Fisker’s co-founder and a top official, Bernhard Koehler, said that the company is struggling to find solutions to all these problems.

“I do not know exactly what the future holds for Fisker Automotive, including whether the company will be able to find new investors or whether the company may be obliged to seek bankruptcy protection to facilitate its continued efforts to preserve value for all stakeholders,” he said during the congressional hearing.

Source: Deepa Seetharaman, Reuters

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    Slowly and quietly the Chinese are taking over U.S. companies, which by coincidence are bankrupt.