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
新能源汽车消费图谱出炉 专家预警新能源汽车产能过剩
2030年,电动车会比内燃机动力车更便宜?
继艾瑞泽5爆红之后,艾瑞泽5e来了
日产联手10家企业共建氢燃料加注站
法拉第未来:即将启动A轮融资 贾跃亭仍是股东
电动物流或将成主流 助新能源汽车继续回暖
东风斥资组建电控系统 未来将应用于东风新能源车型
从新能源汽车三大商业模式看产业未来
长安计划未来十年投资180亿元 推24款新能源车型
新能源汽车补贴越来越难搞? 部分车企现金吃紧
德美联合调查戴姆勒 克莱斯勒集团否认排放指控
将快充进行到底,微宏动力MpCO快充电池能量密度达170Wh/kg
吴甘沙:无人驾驶的商业化破局与驭势科技的从1到10
日产汽车联手10家企业共建氢燃料加注站,助力燃料电池汽车发展
这些车续航堪比特斯拉 价格却连它零头都不到
携三大创新技术和动力总成系统  福建万润亮相2017道路运输展
增加运动性 大众将推高尔夫GTE性能版
还原一个更真实的特斯拉 Model 3:它可能没那么酷
大金主离去后 法拉第未来计划融资10亿美元自救
戴姆勒斥资5亿欧元兴建锂电池工厂,挑战Tesla在绿色电力领导地位
下一篇

电动汽车充换电设施建设模式研究与实践(一)

电动汽车,充换电设施



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!