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Fisker sale takes another twist

The sale of plug-in hybrid sports car maker Fisker Automotive has taken another twist: after the company asked a Federal judge to approve its sale to a Hong Kong tycoon.

Fisker wants the sale to take place to Richard Li ahead of Wanxiang Group, the leading auto parts company in China, which it blames in part for its bankruptcy.

Fisker Atlantic Red

According to Fisker, when Wanxiang bought A123Systems - the battery maker - it reduced its supplies to Fisker. Now in the filing, Fisker is claiming that Wanxiang is attempting to profit from a bankruptcy it is partly responsible for.

Meanwhile, an attorney for the creditors' committee has disputed this claim and noted that Wanxiang acquired A123Systems several months after Fisker idled production in an attempt to save cash stating that "Fisker was no longer producing cars at that time."

The creditors' committee believes that the bid from Wanxiang is the best option and has asked the bankruptcy court to allow it to sue David Manion, the former Fisker director, as well as others, for pushing a sale towards Li.

For now, the assets of the company remain in the balance more than a year since the last Fisker Karma was made.

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Paul Lucas

Filed under: Latest News, Green Cars, Fisker

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