Fisker Hires Consultant To Conserve Cash Before Sale Or New FundingFisker Hires Consultant To Conserve Cash Before Sale Or New Funding

Antony Ingram

January 30, 2013

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Electric

Troubled automaker Fisker is bringing in the experts to help it manage day-to-day operations, while the company looks for a partner or buyer.
According to Bloomberg, Fisker Automotive has hired Huron Consulting Group Inc. to help it conserve cash.
Constant troubles and low sales over the past few years, plus the lack of $300 million in expected funds from the Department of Energy, puts Fisker on the verge of running low on cash, according to one source.
Fisker is working with Evercore Partners Inc. in order to find a partner or buyer, to help the company raise money. It’s seeking first-round bids by early February, and has apparently attracted the attentions of carmakers in China, and other global brands.
Interest varies between those seeking to become strategic partners, those looking to buy the company and the brand, and others interested in the technology. It’s possible that some of Fisker’s current investors will also put up extra cash.
Fisker has faced a litany of issues over the past year, compounded by its insurer refusing to pay up for $33 million in damaged Karmas following the inundation of a port during the Sandy super-storm in October 2012.
The damaged range-extended luxury sedans followed on from fires and firings, delays, poor reviews, and a battery shortage following the bankruptcy of A123 Systems, now under Chinese ownership. It also owes the DoE $200 million from the loan program, though Fisker has managed to raise $1.2 billion in private money.
Fisker’s Roger Ormisher says Huron’s Hugh Sawyer will serve as chief administrative officer, handling the company’s budget while a buyer or partner is found.
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