The bankrupt car maker Fisker is in the middle of a nasty custody battle between China’s automotive parts conglomerate Wanxiang and the son of Asia’s second richest man, Richard Li.
From Inautonews, earlier today:
In a surprise move, Wanxiang Group Corporation, the largest China-based automotive components company measured by revenues made a bid for Fisker Automotive, the maker of Karma plug-in hybrid sports car.
Wanxiang Group has agreed to make an initial bid of $24,7 million. The bid was filed late Monday, and a final hearing has been scheduled for Friday when a judge will decide if the company will be sold to Hybrid Technology LLC, a company affiliated with Richard Li (a Hong Kong billionaire), or hold an open auction.
According to court documents, the Chinese group plans to restart production somewhere in April and move the manufacturing process from Finland to the U.S. in Michigan. On the same time Wanxiang says it would be capable to reduce production costs and sell more than 1,000 Karma plug-in hybrid models in the first 18 months in the U.S. and about 500 in Europe.
Then we move onto the South China Morning Post, who are reporting that a court will decide today who will buy Fisker’s remaining assets, but a snow storm is set to derail everything:
Fisker Automotive, the bankrupt maker of a plug-in hybrid sports car, asked a US federal judge to approve its proposed sale to Hong Kong businessman Richard Li Tzar-kai rather than a Chinese suitor that Fisker alleged was to blame for its failure.
A courtroom showdown is set for January 10 that will determine the future of the defunct carmaker, which was launched with a controversial US government loan.
US Bankruptcy Court Judge Kevin Gross must decide if Fisker’s business will be put to open auction or sold to an affiliate of Li as the company has proposed.
The hearing was originally scheduled for Friday, but was postponed one week as a major snowstorm threatened to disrupt travel throughout the eastern United States.