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Fisker Reaches Deal With Creditors Over Sale Proceeds

Richard Li, the son of Hong Kong’s richest man Li Ka-shing, may have almost quadrupled his investment on a U.S.-backed loan to the bankrupt Fisker Automotive Holdings Inc., according to a settlement agreement.

Richard Li’s Hybrid Tech Holdings LLC, which paid the U.S. Energy Department last year $25 million to take over the loan, may receive as much as $90 million from proceeds of Fisker’s sale of assets which will be divided among creditors under the agreement.

Hybrid had sought all of the $149.2 million China’s Wanxiang Group Corp. agreed to pay for Fisker’s assets because it argued the loan was secured. Unsecured creditors, who said the sale included assets that couldn’t be used as collateral for Hybrid’s loan, will split $20 million in cash, according to the settlement. They were owed $80 million to $100 million. Priority claim holders are to receive an additional $8 million.

Fisker, the maker of luxury, plug-in cars, won court approval in February to sell the assets for almost six times what the hybrid-car maker sought when it filed for bankruptcy in November. The deal closed last month.

Wanxiang topped Hybrid after 19 rounds of bidding with an offer that includes $126.2 million in cash, plus equity and $8 million in assumed liabilities. The purchase included an abandoned General Motors Co. plant in Wilmington that Fisker acquired in 2010, as well as a patent portfolio.

After filing for bankruptcy in November, Anaheim, California-based Fisker sought to let Hybrid buy the assets for about $25 million. Unsecured creditors objected to the price and helped bring Wanxiang, China’s largest auto-parts supplier, into the case in December.

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

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