Fisker bankruptcy bidding heats up quickly

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.

Hybrid Technology's conditional offer includes $30 million cash and $25 million in credit for what it's owed as Fisker's senior secured lender. Hybrid also says at least $5.5 million will go to Fisker's unsecured creditors.

Hybrid submitted the offer Sunday, after a judge on Friday capped its proposed $75 million credit bid at $25 million and ordered a competitive auction instead of a private sale to Hybrid.

While making the offer, Hybrid also signaled that it plans to challenge the 's ruling, which came after Chinese auto parts conglomerate Wanxiang Group Corp. offered $35.7 million in cash.


Explore further

Fisker bankruptcy bidding heats up quickly (Update)

© 2014 The Associated Press. All rights reserved.

Citation: Fisker bankruptcy bidding heats up quickly (2014, January 13) retrieved 19 November 2019 from https://phys.org/news/2014-01-fisker-bankruptcy-quickly.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.
0 shares

Feedback to editors

User comments