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
100万辆!山东省政府发文坚定发展低速电动车
英国政府投资2300万英镑 完善氢燃料车基础设施
美国30座城市拟联合斥资100亿美元购买电动汽车
2017年1-2月中国新能源汽车被美国反超
eBay高管加入谷歌旗下Waymo:领导自动驾驶政策小组
李尔公司启动车联网技术测试 怀俄明州试点
百度:有人雇佣大批黑客窃取百度自动驾驶技术
吉利TX5插电式混合动力出租车下线 将驶上伦敦街头
中兴无人驾驶项目将在珠海率先产业化
奇瑞“怒怼”奔驰:你们家EQ和我们家eQ太像了!
中国新能源汽车电机市场分析报告
深圳市2017年新能源汽车推广目标2万辆 物流车领域的推广成重点
以色列有意成为新一代“底特律” 聚焦无人驾驶汽车
外媒嘲讽乐视:一年前要跟苹果较量 现在要卖总部
奔驰将国产新一代电动车,首款确定为SUV
百度官方确认吴恩达离职,前无人车业务“四大金刚”全部出走
天津发文强调享受不限行等交通管理措施限制的新能源车类型
江淮汽车2016年报:新能源汽车国家和地方补贴应收款总计43.87亿元
欧宝将大力推进发展电动车 暂时不考虑重返中国市场
比亚迪宋插电式混合动力车型申报图曝光 或上海车展上市
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!