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Hong Kong tycoon likely winner of U.S. loan to Fisker Auto-sources

DETROIT (Reuters) – An investor group led by Hong Kong tycoon Richard Li is the likely winner of a government loan owed by Fisker Automotive, the now-dormant maker of plug-in hybrid sports cars, people familiar with the matter said on Thursday.

The U.S. Department of Energy picked Li’s group after an auction held Friday to sell the green-energy loan. The DOE and Li are now nailing down the final details of the sale, which has not yet closed, the people said.

Buying the loan would allow Li, the youngest son of Asia’s richest man and an early Fisker investor, to restructure Fisker unencumbered by the obligations of the DOE funds and potentially avoid a bankruptcy filing that would wipe out equity investors.

Sources familiar with the company have said however that reviving Fisker outside of a bankruptcy would be an expensive and difficult process.

More http://mobile.reuters.com/article/idUSBRE99H02F20131018?irpc=932

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