Henrik Fisker has teamed up with an investor group led by Hong Kong billionaire Richard Li in hopes of salvaging Fisker Automotive by buying the DOE’s loan and staving off bankruptcy, Reuters reported last week.

Fisker Automotive owes the DOE $171 million, and the complex terms of the loan have scared off a couple of potential suitors. Taking the Feds out of the equation could make Fisker Automotive more attractive to potential buyers, and give investors a chance to recoup part of their investment.

Reuters’ sources said that the group is proposing to buy the loan for $25-30 million, or around 17.5 cents on the dollar, but cautioned that discussions are ongoing and that the figures involved may change.

Tom LaSorda, an investor and short-lived CEO, told Reuters he hoped Fisker could find a buyer outside the bankruptcy process. “If it goes the other way, you get nothing,” said LaSorda. Buying the loan would be a “very smart, strategic move.”

A separate group that includes former GM exec Bob Lutz and Chinese auto parts giant the Wanxiang Group has submitted an offer to buy Fisker through a prepackaged bankruptcy deal.

Source: Reuters