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Fisker Bankruptcy Bidding Heats Up Quickly

Mon, 01/13/2014 - 9:56am
Randall Chase, AP Business Writer

WILMINGTON, Delaware (AP) -- A group led by Hong Kong billionaire Richard Li is offering $55 million at auction for Fisker Automotive, just days after a judge rejected a private sale of the failed electric-vehicle manufacturer.

Hybrid Technology's conditional offer includes $30 million cash and $25 million in credit for what it's owed as Fisker's senior secured lender. Hybrid also says at least $5.5 million will go to Fisker's unsecured creditors.

Hybrid submitted the offer Sunday, after a judge on Friday capped its proposed $75 million credit bid at $25 million and ordered a competitive auction instead of a private sale to Hybrid.

While making the offer, Hybrid also signaled that it plans to challenge the judge's ruling, which came after Chinese auto parts conglomerate Wanxiang Group Corp. offered $35.7 million in cash.

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