Tuesday, February 18, 2014
WILMINGTON, Del. (AP) — A Delaware bankruptcy judge is holding a hearing to determine whether to approve the sale of the remaining assets of failed electric-vehicle maker Fisker Automotive to Chinese auto-parts conglomerate Wanxiang Group.
In an auction stretching over three days last week, Wanxiang beat out Hybrid Technology, led by Hong Kong billionaire Richard Li, with a final bid of $149.2 million in cash and other considerations.
A court hearing on confirmation of the auction results was set for Tuesday in Wilmington.
California-based Fisker, which had planned to build cars at the former General Motors plant in Delaware, filed for bankruptcy protection in November. The move ended a long, downward spiral that began after it received a $529 million loan commitment from the Obama administration in 2010.