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Judge Rejects Hybrid Appeal In Fisker Bankruptcy

Mon, 02/10/2014 - 8:10am
Randall Chase, AP Business Writer

DOVER, Del. (AP) -- The bankruptcy auction of the failed electric-vehicle maker Fisker Automotive remains on track after a federal district court judge's ruling Friday.

The Delaware judge denied an emergency motion by Hybrid Technology, a group led by Hong Kong billionaire Richard Li, to appeal a previous ruling limiting how much debt it could use to buy Fisker.

A bankruptcy judge had rejected Hybrid's plan to use $75 million it claims it is owed as Fisker's senior secured lender on the bid. He capped Hybrid's credit bid at $25 million, setting up a competitive auction with Chinese auto parts conglomerate Wanxiang Group Corp., whose offer includes $35.7 million in cash. Hybrid is offering $30 million in cash for Fisker.

The auction is scheduled for Wednesday.

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