Delaware Watches as Fisker Hits the Auction Block

By Shana O'Malley | Newsworks.org
|  Wednesday, Feb 12, 2014  |  Updated 9:12 AM EDT
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Fisker Hits the Auction Block

AP

Fisker filed for bankruptcy protection in November and shortly thereafter began a fast-track sale with Hybrid Tech.

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Two Chinese businessmen are set to square off today for the assets of Fisker Automotive. Delaware officials will be watching to see how it impacts the still empty car plant on Boxwood Road.

The defunct luxury hybrid car manufacturer will hit the auction block at 10 a.m. at Kirkland and Ellis law firm in New York City.

Hybrid Technologies LLC, owned by Chinese billionaire Richard Li and Wanxing America Corporation have both expressed serious interest obtaining the company and restarting car production.

Fisker filed for bankruptcy protection in November and shortly thereafter began a fast-track sale with Hybrid Tech. Hybrid had also purchased the company’s U.S. Energy loan.

However, a last-minute offer from Wanxiang prompted U.S. Bankruptcy Judge Kevin Gross to call for an auction would allow the debtors to receive a “fair and reasonable” price for Fisker.

A hearing in Delaware bankruptcy court is scheduled for Friday at 9:30 a.m. where Judge Gross will announce the successful bidder and could confirm the sale. He will also hear any objections and take those into consideration before making a final decision.

Both companies have expressed an interest in the former GM plant that was originally included in the Fisker deal signed in October 2009. There is not guarantee that cars will be made at that facility. However, as both companies increased their bids, the mention of the car plant increased.

Attorney's for both companies and representatives for the unsecured creditors will be at the Kirland and Ellis law firm. That firm represents Fisker.


This story is reported through a newsgathering partnership between NBC10.com and NewsWorks.org.

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