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Hybrid Technology now offering $55M for failed electric-car maker Fisker in fight vs Wanxiang | GlobalPost

WILMINGTON, Del. – Hybrid Technology, led by Hong Kong billionaire Richard Li, has bid $55 million for Fisker Automotive’s assets, just days after a bankruptcy judge in Delaware rejected Hybrid’s plan to take over the failed electric-vehicle maker in a private sale.

Hybrid said in court papers Monday that it’s offering $30 million in cash and would cancel $25 million in debt that Fisker owes Hybrid as its senior secured lender. Hybrid also promised that at least $5.5 million of the cash portion will go to Fisker’s unsecured creditors if they switch to backing Hybrid instead of rival suitor Wanxiang Group as the so-called “stalking horse bidder” in the auction.

Hybrid also reversed its position on buying the former General Motors site in Wilmington, Del., where Fisker had planned to make cars. Previously it said it had no interest in building cars in the state, but Hybrid spokeswoman Megan Grant said in an email Monday that Hybrid plans to use the Delaware plant to “meet consumer demand and address market conditions.”

Wanxiang has said it would continue developing and designing a second-generation line of Fisker vehicles, and make them at the shuttered GM plant once the cars were ready for mass production in large volumes. Gov. Jack Markell, whose administration provided $20 million in loans and grants to Fisker as an incentive to build cars in Delaware, has supported efforts that might lead to vehicle production resuming at the plant. A Markell spokeswoman had no immediate comment on Hybrid’s latest proposal.

More http://www.globalpost.com/dispatch/news/the-canadian-press/140113/hybrid-technology-offers-55m-assets-failed-electric-vehicle-

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