• Sign in to follow this  

    Bankruptcy Judge Announces That Fisker's Assets Head Back To Auction


    • Just When You Thought Fisker Auction Saga Was All Done...

    Nothing ever seems to come easy for Fisker. Back in November, we reported that Hybrid Tech Holdings, LLC, a company founded by Hong Kong investor Richard Li, had purchased Fisker's assets from the Department of Energy for $25 million. It seemed that this chapter in Fisker's turbulent life had come to close. But this past week, the chapter was ripped opened.

    In a hearing last week, U.S. Bankruptcy Judge Kevin Gross rejected the planned sale and instead has favored putting the assets back up on the auction block in February. This opens the door for Wanxiang Group, the Chinese auto parts supplier who owns A123 Systems, to bid on Fisker's assets as well.

    "I think that, for me, at the end of the case, whether or not the price paid was fair or reasonable, I think an auction will provide that mechanism. That is the most favored method," said Gross at the hearing.

    In a statement, Hybrid Tech Holdings said they were "deeply disappointed" with the ruling.

    "Despite the court's decision, Hybrid will participate in the auction, as we still feel Hybrid represents the most competitive and viable bid for Fisker's future," the company said.

    Source: Reuters

    William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.



      Report Article
    Sign in to follow this  


    User Feedback

    Recommended Comments

    Interesting, I wonder how much the judge was paid under the table to throw this back to auction. Probably will go for even less and the tax payers are screwed again by the idiots in DC.

    Share this comment


    Link to comment
    Share on other sites


    Your content will need to be approved by a moderator

    Guest
    You are commenting as a guest. If you have an account, please sign in.
    Add a comment...

    ×   You have pasted content with formatting.   Remove formatting

      Only 75 emoticons maximum are allowed.

    ×   Your link has been automatically embedded.   Display as a link instead

    ×   Your previous content has been restored.   Clear editor

    ×   You cannot paste images directly. Upload or insert images from URL.