Fisker Automotive Receives $55 Million Bid From Hybrid

Fisker Automotive Inc., the bankrupt maker of hybrid luxury cars, received a $55 million offer for its assets from Hybrid Tech Holdings LLC as an auction looms.

U.S. Bankruptcy Judge Kevin Gross in Wilmington, Delaware, may set a date for the auction as soon as today. Hybrid, controlled by Richard Li, son of Hong Kong’s richest man, said it would pay $25 million through a credit bid and the rest in cash, according to court papers filed today.

Fisker’s official committee of unsecured creditors on Dec. 30 proposed a sale process naming Wanxiang America Corp. as the “stalking-horse,” or lead, bidder with an offer of $25.8 million. Wanxiang later boosted the bid to $35.8 million in cash. On Jan. 10, Gross limited the amount of debt Hybrid could include in the purchase to $25 million.

Fisker, based in Anaheim, California, filed in Chapter 11 on Nov. 22, listing debt of as much as $1 billion and assets of less than $500 million. It blamed the bankruptcy of a battery supplier, safety recalls and shipments lost to Hurricane Sandy.

Fisker missed the first payment on a low-interest U.S loan in April. It had drawn about $192 million of an initial loan commitment of $529 million from a program intended to spur production of alternative-energy vehicles.

Fisker was denied the rest of the money in 2011 after missing milestones for its Karma luxury model. Hybrid bought $168.5 million in debt remaining on the loan from the government for $25 million.

The bankruptcy case is In re Fisker Automotive Holdings Inc., 13-bk-13087, U.S. Bankruptcy Court, District of Delaware (Wilmington).

To contact the reporter on this story: Phil Milford in Wilmington, Delaware at

To contact the editor responsible for this story: Andrew Dunn at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.