A venture between Former General Motors Co. executive Bob Lutz, China's Wanxiang Group and industrialist Gilbert Villarreal made a bid to takeover Fisker Automotive through a prepackaged bankruptcy deal.
The venture, VL Automotive, submitted the bid worth 20 million dollars which is a far cry from the estimated value estimated by Fisker when it launched its flagship Karma plug-in hybrid sports car.
In an investor document filings acquired by Reuters, Fisker told prospective investors in December 2011 that its total capitalization was approaching 2 billion dollars.
Fisker finished a fundraising round valuing the business at 2.2 billion dollars, regulatory filings by venture data provider VC Experts showed.
The venture is creating a car called the Destino, which obtains the shell of the Karma with powertrain of a Chevrolet Corvette.
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