Bankruptcy Judge Orders Competitive Fisker Auction
January 13, 2014 10:08 AM
Judge turns down debit takeover offer and orders auction
Fisker filed for bankruptcy protection from its creditors after losing huge amounts of money on each of the Karma hybrids it produced (the company reportedly
lost $35,000 on each of the Karmas it made
). A bankruptcy judge in Delaware has now ordered a competitive auction to sell off what remains of Fisker.
The order came after U.S. Bankruptcy Judge Kevin Gross rejected an order from a billionaire from Hong Kong named Richard Li to take control of Fisker in a private sale. The judge also refused a deal by Hybrid Technology to use $75 million it is owed as a Fisker debtor to purchase the company.
A Chinese auto parts conglomerate had also offered a cash bid of $35.7 million as a starting point for the competitive auction.
Fisker Karma [Image Source: Wikipedia]
Hybrid spokesperson Caroline Langdale said, "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."
Hybrid had previously purchased Fisker's outstanding loan debit from the DOE. Hybrid paid $25 million for the $160 million outstanding debut of Fisker. That sale resulted in a loss of $139 million for American taxpayers.
Delaware Governor Jack Markell said in a statement, "It gives all interested parties, including those who have expressed an interest in potentially utilizing the Delaware plant, an opportunity to bid for Fisker's assets. The ruling does not ensure any specific outcome in the bankruptcy process, nor does it ensure the return of automobile manufacturing to the plant, but it does leave open the possibility."
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