Fisker sale stalls as creditors want company auctioned following Wanxiang bid

Fisker had recently filed for bankruptcy and at the same time entered into a purchase agreement with Hybrid Tech Holdings LLC. It appeared as if all is well now but it seems a new problem for the company has come up recently. The creditors of the company have demanded that the company be auctioned as they have revealed that China’s Wanxiang Group has submitted a bid of $ 24.725 (approx € 18.16) million.

Fisker is pretty furious at the proposal as Wanxiang bought Karma battery supplier A123 Systems. The company is trying to justify that after Wanxiang took over A123 Systems they cut their battery suppliers and so according to them, “Wanxiang now seeks to profit from a bankruptcy that it helped cause.”

Despite Fisker’s allegations, the truth actually is a lot more complicated as Karma production was halted months before A123 systems was bought by Wanxiang early last year. Even after the deal was completed, Wanxiang President Pin Ni clearly said that it was in their interest if they can help Fisker, in any way they could.

However the matter will be settled in U.S. bankruptcy court and a decision could be expected as early as next week.