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Fisker Creditors Ask Court to Consider New Bid
Creditors have urged the U.S. bankruptcy court in Delaware to consider a last-minute bid from Wanxiang America Corp. to buy the assets of Fisker Automotive Inc. for at least $25 million.
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Creditors have urged the U.S. bankruptcy court in Delaware to consider a last-minute bid from Wanxiang America Corp. to buy the assets of Fisker Automotive Inc. for at least $25 million.
Fisker, which produced the Karma extended-range hybrid car, filed for Chapter 11 bankruptcy protection in November. The court is scheduled to hold a hearing on Jan. 3 on a proposal to skip the auction process typical for a bankruptcy and sell the company's assets to a consortium led by Hong Kong billionaire Richard Li. Details of that sale have not been finalized.
Wanxiang has told the court it wants to relaunch Karma production in Finland as soon as April but eventually shift output to Michigan. The Chinese company estimates it will sell at least 1,500 Karmas in the U.S. and Europe in the first 18 months of operation.
Last year Wanxiang acquired the assets of batterymaker A123 Systems Inc., whose largest customer was Fisker.
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