Bankruptcy judge weighs future of Fisker
WILMINGTON, Del. - A U.S. bankruptcy judge is weighing competing sale plans for failed electric-vehicle manufacturer Fisker Automotive.
The judge planned to issue a key
ruling Friday that could determine the new owner of Fisker, which sought
bankruptcy less than four years after receiving a $529 million loan commitment
from the U.S. Energy Department.
Hybrid Technology LLC recently paid
$25 million for DOE's outstanding loan balance of more than $160 million. It
now wants to buy Fisker in a private sale using a $75 million credit bid based
on its senior secured loan.
Chinese auto parts conglomerate Wanxiang Group has offered a $35.7 million cash bid as the starting point for a competitive auction. But that proposal is contingent on the judge eliminating or restricting Hybrid's ability to use credit for its bid.