The Fisker Automotive saga will continue until at least next month, now that a bankruptcy court judge has ruled that the automaker's assets will go up for auction in February instead of being acquired flat out by a Hong Kong investor. Wanxiang Group, which owns A123 Systems, is competing with Hybrid Tech Holdings LLC for Fisker.

The judge says Hybrid Tech, which holds debt on Fisker, can't use any more than $25 million of that debt as part of its bid for the California-based automaker, according to Bloomberg News. Hybrid Tech is run by Richard Li, son of Li Ka-Shing, Hong Kong's wealthiest man, and the company bought Fisker's loan from the US Department of Energy. Fisker's line of credit from the DOE was originally for $529 million, but 'only' $192 million was drawn down before the government shut that spigot off.

Wanxiang Group bid $25.8 million (plus assumed debt) for Fisker in late December, then increased its offer to $35.7 million earlier this month. Wanxiang Group acquired most of the assets of lithium-ion battery maker A123 Systems in 2012, and Fisker has maintained that Wanxiang hastened Fisker's demise by holding off battery deliveries. Fisker shut down production of its extended-range plug-in Karma in 2012 and filed for Chapter 11 bankruptcy last year.


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  • 38 Comments
      mb1958
      • 11 Months Ago
      What genius is in charge of loaning money to start up companies? Oh, i'm sorry thats OUR MONEY!! No wonder no one trusts the government. They should look for a Solar company to throw money at !
      head
      • 11 Months Ago
      And people piss and moan about the loans the govt' gave to GM..................
        Grooveman
        • 11 Months Ago
        @head
        This was chump change compared to what GM cost us X. And GM will still go bankrupt in the next five to ten years. Count on it.
        Swordfish
        • 11 Months Ago
        @head
        We piss and moan about the GM union payoffs with our money and the administration for selling stock too soon!
      Swordfish
      • 11 Months Ago
      Mr. Obama! Throw some tax dollars at it. It fixes everything. It fixed Solyndra and A123 Systems to name a few. Especially all those American jobs Fisker created.
      Steven
      • 11 Months Ago
      This is what happens when government tries to pick winners and losers with taxpayers money.
      • 11 Months Ago
      obama's college friend got to keep all the fisker money when he left the country ! And NO democrats are calling for an investigation !
        • 11 Months Ago
        Total scam by Fisker and its insiders. It will continue to be with Hybrid.
      bwhitedjr
      • 11 Months Ago
      Just another un-affordable vehicle off the road. No loss there!
      Alex82
      • 11 Months Ago
      Ohh I love fisker especially Karma , I saw it in www.fiskermiami.com and I was amazed.
      dutchhollo
      • 11 Months Ago
      Another Obama success story.
      cplandman
      • 11 Months Ago
      If they would renamed the car bamaker I think it would sell! Another DOE and nerobama waste of taxpayer dollars. If it had been a good solid business model private investment would have flowed in.
        fentex5
        • 11 Months Ago
        @cplandman
        You pathetic fools will try to take any opportunity to malign our president. By the way.....Barack Obama was elected TWICE without the help of slugs like you. You must be so proud that there were no monumental auto maker failures under Republican presidents....OH...wait a minute....How about the Edsel during the Eisenhower administration. Then there was the Deloren during the Reign of Saint Reagan. You will be in hater's heaven when the fragmented beyond repair Republican party loses the next two presidential elections.
          • 11 Months Ago
          @fentex5
          Hmmm did you know Edsel was a part of Ford motor company and the reason they failed was because everyone thought it was ugly. Ford of course is prospering just fine with out them. As for Delorean. Being arrested for major drug crimes may have played a part in Delorean motor company closing up. Neither of those issues were caused by the Govt. Also they were not given bailouts to help continue so they could file for bankruptcy just a little later than they would have otherwise. Sorry but it is completely true that Mr Obama has wasted billions of our dollars on frivolous garbage.
          Swordfish
          • 11 Months Ago
          @fentex5
          Only a moran such as a liberal tax happy fool would think all ideas and businesses will be successful.
          redrdstr
          • 11 Months Ago
          @fentex5
          He pretty much maligned himself didn't he? Yeah he was elected twice, but not exactly landslides. Now his incompetence is showing dramatically even to those unfortunate enough to have believed the empty promises and "change" he fooled you with. Pay attention, and dig deeper, next time you vote for someone based on their rhetoric.
          chuckhalper
          • 11 Months Ago
          @fentex5
          Edsel was a model from Ford Motor Company, which has not gone out of business as Fisker has. If you think Reagan was somehow responsible for the Delorean failure, your ideology has fogged your ability to reason.Oh and Deloreans were manufactured in Northern Ireland. Of all the car brands that died during Eisenhower's reign, Packard was probably the most disadvantaged by government action and chicanery with military contracting, especially with an ex GM exec in charge of that at the time--but you probaly wouldn't know that..... it looks like your knowledge of the auto business, is about as keen as your political acumen.
          • 11 Months Ago
          @fentex5
          Well actually your facts are pathetic and the only fools are the ones who voted for Bama. Fisker was propped up with tax payer dollars and failed. Edsel was a division of Ford, a PRIVATE company, so its failure had nothing to do with the Eisenhower Administration, only poorly designed products the public rejected. DeLorean was a PRIVATE company run by inept boobs, no reflection on the Reagan Presidency. But since you think car companies only fail during Republican Admin. please do not forget that DeSoto went out of business during the KENNEDY ADMINISTRATION.
          TED
          • 11 Months Ago
          @fentex5
          OBAMA RATED THE 5TH BEST PRESIDENT! From a total of 44 US Presidents: Obama is rated as the 5th best President ever! The publicity release said,"...after only 5 years in office, Americans have rated President Obama the 5th best president ever." The details according to TEXAS A&M Study: Reagan & Lincoln tied for first, 23 presidents tied for second, 17 other presidents tied for third, Jimmy Carter came in 4th, and Obama came in fifth!
          • 11 Months Ago
          @fentex5
          I wouldn't have voted for that uncle Tom if I had to. All he did was appoint his nigers and fags from college to help fuel his hate régime and start unaffordable health care. I hope you're happy paying more for less DUMB ASS!
          maxadapter
          • 11 Months Ago
          @fentex5
          You have to be the biggest Moron in the world. O Bummer worst President in history. Thanks to Idiots like you
          fentex5
          • 11 Months Ago
          @fentex5
          Correction....DeLorean.........
      • 11 Months Ago
      optimal supreme achievers !
      transam145
      • 11 Months Ago
      The current administration did not want to bail this one out. Not liberal/socialist enough. All these events have a political overtone. We need a clean sweep in DC and TERM LIMITS to limit the obvious corruption In Washington is a partial solution.
      GUNSLINGER
      • 11 Months Ago
      Parts are going to be darn hard to find!!!!!!!!!!!!!!!!!!!!!!!!
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