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Policy: Environment & Energy

Judge mulls sale of assets by electric car maker Fisker to Wanxiang

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Associated Press,Delaware,Energy and Environment,Law,Electric Vehicles,Fisker

WILMINGTON, Del. — A Delaware bankruptcy judge is holding a hearing to determine whether to approve the sale of the remaining assets of failed electric-vehicle maker Fisker Automotive to Chinese auto-parts conglomerate Wanxiang Group.

In an auction stretching over three days last week, 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.

A court hearing on confirmation of the auction results was set for Tuesday in Wilmington.

California-based Fisker, which had planned to build cars at the 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.

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