Some still see value and profit potential in the now bankrupt automaker.
The last time we left off with the never-ending Fisker saga, a Chinese company called Wanxiang Corp. was about to offer a $24.7 million bid on the now bankrupt automaker. This was in direct competition with Hybrid Technologies LLC, who was about to offer a similar number. So what to do? A US bankruptcy judge has now ruled the remains of Fisker’s assets must go to auction. The judge also refused to accept Hybrid’s last minute $75 million bid.
Hybrid Technologies previously paid the US Department of Energy $25 million in order to take over a $168 million loan the DOE extended to Fisker. But just because Hybrid Technologies already owns a chunk of Fisker’s debt, it doesn’t mean other interested parties can’t make a bid. Hybrid Technologies already stated it’ll participate in the auction. For its part, Wanxiang already owns Fisker’s former battery supplier, the also bankrupt A123, so it’s no shock that it’d like to buy what’s left of the automaker itself. If all goes to plan, the expected auction could take place as early as next month.