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Hybrid Technology Hikes Bid for Fisker to $55 Million
Hybrid Technology Holdings LLC, which is trying to acquire the assets of bankrupt hybrid carmaker Fisker Automotive Inc., has hiked its bid for the company in an effort to thwart a rival offer, the Associated Press reports.
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Hybrid Technology Holdings LLC, which is trying to acquire the assets of bankrupt hybrid carmaker Fisker Automotive Inc., has hiked its bid for the company in an effort to thwart a rival offer, the Associated Press reports.
Hybrid lined up a fast-track plan last autumn to buy the company for $25 million, then raised its bid to $26 million.
Chinese parts maker Wanxiang Group came in with a $36 million bid late last month. That prompted the U.S. bankruptcy judge handling the matter to reject Hybrid's deal and call for an auction.
Hybrid has countered with $30 million in cash and the promise to cancel a $25 million debt that Fisker owes Hybrid as the carmaker's new senior secured lender. Hybrid also says it now favors eventually producing cars at a former General Motors Co. factory in Delaware that Fisker acquired for $20 million in 2010. Wanxiang has promised to do the same.
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