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Fisker on the block today

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