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Feb. 12 auction date set in Fisker bankruptcy

Published on NewsOK Modified: January 17, 2014 at 11:37 am •  Published: January 17, 2014

WILMINGTON, Del. (AP) — A Delaware bankruptcy judge has set a Feb. 12 auction date for Fisker Automotive, with two rival groups sharing initial bidding status for the remaining assets of the failed electric-vehicle maker.

The bid procedures approved Friday clear the way for an auction starting with competing bids by Hybrid Technology, led by Hong Kong billionaire Richard Li, and Chinese auto parts conglomerate Wanxiang Group Corp.

Hybrid has offered $30 million in cash to go along with a credit bid of $25 million in debt it would cancel as Fisker's senior secured lender.

Wanxiang has offered $35.7 million in cash and a 20 percent stake for creditors in a reorganized Fisker.

Wanxiang's bid also allows for the possibility of creditors recovering more money through lawsuits against Fisker, Hybrid and other parties.