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Battery Firm A123's Owner Bids for Electric Car Maker Fisker

Jan 3, 2014
Source: 
(Boston Globe )

The owner of local battery maker A123 Systems LLC is making a last-minute bid to buy bankrupt Fisker Automotive, a government-backed California automaker that once used A123’s advanced batteries in its Karma hybrid.

Fisker, which filed for bankruptcy protection in late November, was on track to be sold to Hybrid Tech Holdings LLC, a group led by Hong Kong billionaire Richard Li, one of Fisker’s original investors. Approval of the deal had been expected following a hearing Friday.

But now Fisker’s creditors are asking a bankruptcy judge in Delaware to use the hearing to consider an auction at which A123’s owner, the US subsidiary of Wanxiang Group of Hangzhou, China, and other interested parties would bid for the embattled automaker — and likely increase the amount that creditors could recover.