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Fisker caught in bankruptcy battle

Fri, 01/17/2014 - 12:52 -- Ruth Williams

Fisker Automotive entered into Chapter 11 bankruptcy proceedings in November 2013 following mounting debts. A bidding war for its assets, and debts, has begun between Wanxiang America and Hybrid Tech Holdings – a newly-formed Hong Kong-based company.

A $25m deal was nearly complete for Hybrid Tech to buy Fisker’s assets and take over a defaulted Department of Energy loan. However, before the deal was sealed Wanxiang, a Chinese auto-parts maker, made a rival offer. 

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