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Consortium Raises Bid for Fisker
A group led by Hong Kong billionaire Richard Li has increased its offer to buy the assets of bankrupt hybrid carmaker Fisker Automotive Inc., The Wall Street Journal reports.
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A group led by Hong Kong billionaire Richard Li has increased its offer to buy the assets of bankrupt hybrid carmaker Fisker Automotive Inc., The Wall Street Journal reports.
Hybrid Tech Holdings LLC's $25 million bid had been expected to be approved on Friday by a bankruptcy court in Delaware.
But a last-minute counteroffer earlier in the week from a unit of China's Wanxiang Group prompted the court to delay the hearing until Jan. 10. The judge also will consider a request by creditors to conduct an auction between the two companies in hopes of boosting the final sale price.
Fisker's attorneys favor the Hybrid Tech bid, according to the Journal. In an effort to avoid a bidding war, Hybrid Tech has offered to pay creditors an additional $1 million and share the proceeds from selling a mothballed factory Fisker acquired for $20 million in 2010 from General Motors Co.
Besides deciding about an acution, the bankruptcy judge must wade through challenges to Fisker's recently revised Chapter 11 plan and complaints by each bidder that the other's offer is flawed.
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