WILMINGTON, Del. (AP) - A Delaware bankruptcy judge is weighing competing sale plans for failed electric-vehicle manufacturer Fisker Automotive.
WILMINGTON, Del. (AP) — A Delaware 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.