Judge Rejects Hybrid Appeal In Fisker Bankruptcy
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.