Will Judge Approve Sale of Fisker?

Friday, Feb 14, 2014  |  Updated 4:43 AM EDT
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Will Judge Approve Sale of Fisker?

AP

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A Delaware bankruptcy judge is preparing to consider whether to approve a sale of the remaining assets of failed electric-vehicle maker Fisker Automotive.

A hearing on whether to confirm the results of an auction of Fisker's assets was scheduled for Friday in Wilmington.

But the auction, which began Wednesday, was still going on Thursday night, meaning the court hearing might be postponed.

The auction pitted Hybrid Technology, led by Hong Kong billionaire Richard Li, against Chinese auto-parts conglomerate Wanxiang Group Corp.

Going into the auction, Hybrid had offered $30 million in cash and cancellation of $25 million in debt as Fisker's senior secured lender.

Wanxiang had offered $35.7 million in cash and an equity stake for creditors in a reorganized Fisker, which once planned to build cars in Delaware.

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