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Fisker Shops Overseas for Help
Fisker Automotive Inc. says it is looking for an investor, partner or buyer to get its hybrid car program back on track.
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Fisker Automotive Inc. says it is looking for an investor, partner or buyer to get its hybrid car program back on track.
The company hired investment bank Evercore Partners Inc. earlier this year to help with the search after the U.S. Dept. of Energy froze the California carmaker's $529 million loan in February.
CEO Tony Posawatz tells The Wall Street Journal that Fisker is in "serious discussions" primarily in Europe and China with a number of potential partners. Unidentified sources tell the newspaper that selling the company is another option.
The Journal also says the company's board has discussed the possibility of seeking bankruptcy protection. But Posawatz emphasizes that the company has never considered Chapter 11 "in earnest."
Fisker has recalled its $107,900 Karma extended-range hybrid sedan three times this year, laid off half its staff and suspended development work on the $50,000 Atlantic sedan.
Last month the company said it was forced to stop making the Karma after its battery supplier, A123 Systems Inc., filed for bankruptcy in October. The Journal says Fisker halted production in July to conserve cash.
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