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Fisker on the block today

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As reported last month, the U.S. Department of Energy (DoE) is now putting the Fisker Automotive loan on the auction block in an effort to recoup some of the $168 million the struggling luxury plug-in hybrid car maker still owes.

Potential buyers had until October 7th to make a formal offer of at least $30 million (with 10% down). Despite the government being shut down, the auction will still take place as planned, according to the latest reports.

Fisker Automotive
Photo: Fisker Automotive

DoE officials could pick a winner as early as next week.

Fisker, which hasn't built a car in about 15 months, does not have enough money to pay millions in outstanding bills. Restarting the company will apparently cost up to $500 million, people familiar with Fisker's finances told Automotive News.

Back in March, company founder Henrik Fisker resigned due to major disagreements with the executive management on the business strategy. A month later, 75% of the workforce was laid off.

Source: Automotive News