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Judge Blocks Quick Fisker Sale, Plans Auction
Fisker Automotive Inc. assets will be sold at auction after a U.S. bankruptcy judge rejected a planned fast-track sale to a company affiliated with billionaire Hong Kong Richard Li, Bloomberg New reports.
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Fisker Automotive Inc. assets will be sold at auction after a U.S. bankruptcy judge rejected a planned fast-track sale to a company affiliated with billionaire Hong Kong Richard Li, Bloomberg New reports.
Judge Kevin Gross in Wilmington, Del., says an auction between Li's Hybrid Technology Holdings LLC and a unit of Chinese auto parts maker Wanxiang Group is "the most favored method" of proceeding.
Fisker filed for Chapter 11 bankruptcy in November with a plan to be acquired by Hybrid Technology. Li planned a credit bid, where he would forgive a portion of a $168 million secured federal loan he holds.
Gross doesn't deny Li's right to make such a bid. But he agrees with Wanxiang that the amount Li may use should be limited to the $25 million he paid for the loan.
Li's has bid $25 million and is offering to pay creditors an additional $1 million and share the proceeds of selling a factory Fisker acquired from General Motors Co. in 2010. Wanxiang is offering $36 million.
Fisker stopped making its $107,900 Karma sport sedan in mid-2012 after running short on cash.
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