Second Chinese bidder for Fisker Automotive pulls out of buyout talks
Reportedly both the Geely Group and the Dongfeng Motor Corp. have now pulled out of bidding for Fisker Automotive, further complicating that company's efforts to rescue the company. Fisker Automotive has had a rough time of it since December 2011, and is reportedly seeking suitors for a buyout or other rescue package. According to a China Daily report both of the leading bidders have pulled out of talks, adding to the complications following Henrik Fisker's resignation of the company he cofounded.
Neither Geely nor Dongfeng like the conditions imposed by the U.S. Government, via the Department of Energy loans, on the use of the former GM factory in Delaware. That factory is owned by Fisker, and was to be the manufacturing location of the Fisker Atlantic. Fisker's staff at that location were laid off a year ago when the Dept. of Energy froze the loan program following Fisker's repeated failures to meet business development and production milestones.