Judge Kevin Gross of the US Bankruptcy Court in Wilmington, Delaware on Friday rejected a planned sale of Fisker Automotive to Hong Kong businessman Richard Li. Gross ruled in favor a competitive bidding between Li and Chinese auto parts maker Wanxiang Group instead.
Richard Li
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Fisker Automotive, the bankrupt maker of plug-in hybrid sports cars, seeks a bankruptcy court ruling rejecting the company's sale to Chinese auto parts company Wanxiang Group. Fisker blames Wanxiang for its bankruptcy.
The Department of Energy will lose about USD139 million on a loan given to Fisker Automotive under a clean vehicles program after the automaker sold part of the loan to Hybrid Technology.
The Department of Energy loan given to the now floundering Fisker was bought out by an investment firm headed by Richard Li.
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