Judge approves Fisker asset sale to Wanxiang

  A Delaware bankruptcy judge on Tuesday approved the sale of the remaining assets of failed electric-vehicle maker Fisker Automotive to Chinese auto-parts conglomerate Wanxiang Group.

  Judge Kevin Gross approved the results of an auction last week in which 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.

  The bankruptcy process has been fully addressed, said Gross, who issued a pivotal ruling last month that upset Hybrid’s plan to buy Fisker’s assets in a quick private sale, using credit based on its secured debt rather than cash.

  Wanxiang's winning bid includes about $126 million in cash, $8 million in assumed liabilities and a 20 percent common equity stake for creditors in a reorganized Fisker.

  Going into the auction, Hybrid had offered $30 million in cash and cancellation of $25 million in debt that it said it was owed as Fisker’s senior secured lender.

  Wanxiang had offered $35.7 million in cash and an equity stake for creditors in a reorganized Fisker, with the possibility of additional recoveries for creditors through lawsuits against Fisker, Hybrid and other parties.

  California-based Fisker, which had planned to build cars at a 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.

  Last year, Hybrid bought the outstanding $168 million balance of the Department of Energy loan for just $25 million, or 15 cents on the dollar, resulting in a loss to U.S. taxpayers of $139 million. Hybrid then moved to take control of Fisker in a speedy private sale with a $75 million credit bid, based on its senior secured debt.

  But Wanxiang, which recently bought Fisker’s former battery supplier, worked with Fisker’s official committee of unsecured creditors to submit a rival offer.

  Gross subsequently ordered an auction in which he capped Hybrid’s credit bid at $25 million. Hybrid tried unsuccessfully to appeal Gross’s ruling.

  While Gross approved the asset sale, several thorny issues remain in Fisker’s bankruptcy, including how to allocate the sale proceeds among various creditors.

  While Hybrid paid only $25 million for the DOE loan, it has suggested that it is entitled to much more, perhaps the full $168 million loan balance.

  I don’t think there’s a scenario where they would see less than $25 million, but I’m not 100 percent certain about that,said Sunni Beville, an attorney for Fisker official committee of unsecured creditors.

  Beville said the committee’s goal is for 40 percent of net sale proceeds to go to unsecured creditors, after payment of certain claims, including administrative and priority claims that are among the $8 million in liabilities assumed by Wanxiang.

  The future of the former GM plant in Wilmington, which was included in the asset sale, also is uncertain. Wanxiang has said that if market demand warrants, it intends to build a second-generation line of Fisker vehicles at the plant.

  Whether or not that happens is anybody's guess, Beville said.

0

想看更多 不感兴趣
重复、旧闻
内容质量差
确定
新能源汽车产值破百亿 浙江长兴"两基地一小镇"格局基本成型
“新能源汽车+”生态升级 比亚迪发布“电动•未来”计划
神奇的激光雷达厉害在哪儿?
浙江充电管理办法出台,企业应将充电维护纳入销售服务体系
海南出台充电补贴办法,充电设施按充电电量给予运营度电补贴
工信部:风帆/铁鹰电气/同道电源等五家铅蓄电池企业名称变更
新能源时代,云度品牌要给汽车市场带来什么?
荣威RX5纯电动版首发,续航320km/旋钮式换挡/5月上市
宝马或转移电动车生产工厂 日产静观其变
为实现SAE 4级自动驾驶,大陆演示多项新型传感和控制技术
吉利商用车首征黑河 远程纯电动轻卡成功挑战高寒区测试
最快2020年推出 宾利将打造纯电动SUV
CFO离职 特斯拉股价大跌
比亚迪2016年总营收超1000亿 新能源汽车收入约占4成
蔚来汽车EP9创无人驾驶时速纪录:每小时257公里
常州首座新能源公交车充电站启用 可供8辆车同时充电
湖北省发布新能源汽车及专用车产业“十三五”发展规划
交通部回应新能源出租车/网约车/物流车等管理方向
北京出租车电动化稳步推进:快换充电模式迎元年?
现代起亚将携新能源车阵容亮相日内瓦车展
下一篇

[2014中国年度绿色汽车]专家评委 吴志新

绿色汽车,评选,吴志新



第三方登录
纯净阅读
意见反馈

反馈和建议 在线回复

第一电动网
Hello world!