Wanxiang increases bid to win Fisker asset sale

Feb 15, 2014 by Randall Chase

Participants in a bankruptcy auction for failed electric-vehicle maker Fisker Automotive say Chinese auto-parts conglomerate Wanxiang Group has won with a bid of more than $149 million.

Two people who participated in the auction said Friday that Wanxiang's bid, which includes more than $100 million in , beat out Hybrid Technology, led by Hong Kong billionaire Richard Li. The people spoke on condition of anonymity because an official statement had not been released.

Going into the auction, which began Wednesday, Hybrid offered $30 million in cash and cancellation of $25 million in debt it says it is owed as Fisker's senior secured lender.

Wanxiang had offered $35.7 million in cash and an for creditors in a reorganized Fisker, with the possibility of additional recoveries for creditors through lawsuits.

Explore further: Fisker bankruptcy bidding heats up quickly

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Fisker bankruptcy bidding heats up quickly

Jan 13, 2014

A group led by Hong Kong billionaire Richard Li is offering $55 million at auction for Fisker Automotive, just days after a judge rejected a private sale of the failed electric-vehicle manufacturer.

Fisker bankruptcy bidding heats up quickly (Update)

Jan 08, 2014

Hybrid Technology, led by Hong Kong billionaire Richard Li, has offered $55 million in an auction of Fisker Automotive's assets, just days after a bankruptcy judge in Delaware rejected Hybrid's plan to take over the failed ...

Hybrid offers $55M for bankrupt Fisker in bid war (Update)

Jan 13, 2014

Hybrid Technology, led by Hong Kong billionaire Richard Li, has bid $55 million for Fisker Automotive's assets, just days after a bankruptcy judge in Delaware rejected Hybrid's plan to take over the failed electric-vehicle ...

Energy Dept. seizes $21M from electric car maker (Update)

Apr 22, 2013

The Obama administration has seized $21 million from troubled automaker Fisker Automotive Inc. just weeks after the company laid off three-fourths of its workers amid continuing financial and production problems.

Recommended for you

Atos shares soar after Xerox acquisition

2 hours ago

Shares in French tech firm Atos soared nearly five percent on Friday as traders cheered the news it had bought the IT wing of Xerox for more than $1 billion.

Two more former Sony workers sue over data breach

18 hours ago

Two more former employees of Sony Pictures Entertainment are suing the company over the massive data breach in which their personal and financial information was stolen and posted online.

Constantly changing online prices stump shoppers

19 hours ago

Online shopping has become as volatile as stock market trading. Wild, minute-by-minute price swings on everything from clothes to TVs have made it difficult for holiday shoppers to "buy low."

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.