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

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.

At a hearing Monday afternoon, a Fisker attorney told U.S. Bankruptcy Judge Kevin Gross that Fisker will ask the court to take the uncommon step of designating Hybrid and Wanxiang, the Chinese auto parts conglomerate, as joint stalking horse bidders.
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