Fisker bankruptcy auction scheduled for February 12

Sat, Jan 18 2014

Will the long, twisted tale of Fisker Automotive and it bankruptcy assets finally end on February 12? It might, because that's the date a bankruptcy court has now set for an auction to let the bidders decide who will take home the plug-in automaker's goods. The auction will be held at the law offices of Kirkland & Ellis in New York, according to a new report in Reuters.

As we know, China's Wanxiang Group and Hybrid Tech Holdings are the two companies who are most vocal in their desire for Fisker. After an initial bid of around $25 million, Hybrid Tech is now ready to start the bidding on the 12th at $55 million and basically called itself Fisker's best friend during this troubling time in a recent statement. The controllers of the Fisker assets say they prefer Hybrid Tech's bid to Wanxiang's.

Fisker stopped making the plug-in hybrid Karma in late 2012 and filed for Chapter 11 bankruptcy last year. Fisker's assets were supposed to be sold to Hybrid Tech Holdings in early January, but a last-minute stalking horse bid by Wanxiang set in motion the series of events that will lead to the auction next month.

By Sebastian Blanco