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China’s largest auto parts company makes last-minute Fisker bid

(Reuters) – China’s largest auto parts company made a surprise bid for Fisker Automotive just days before the bankrupt maker of the Karma plug-in hybrid sports car was to be sold to a Hong Kong tycoon, according to court documents.

Fisker creditors asked the U.S. Bankruptcy Court in Wilmington, Delaware, to scrap Fisker’s agreed sale to a company affiliated with Richard Li and instead hold an open auction at which auto parts supplier Wanxiang America Corp plans to bid.

Wanxiang has agreed to make an initial bid of $24.725 million and said it will assume some liabilities of Fisker, according to documents filed at late Monday’s deadline to object to Fisker’s plans.

A hearing has been scheduled for Friday in Wilmington to consider whether Fisker should proceed with the sale to the Li affiliate or adopt the creditors’ proposal.


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