Wanxiang American Corp. has put in a “stalking horse” bid on Fisker, which is supposed to be sold to Hybrid Tech Holdings LLC for $25 million.
Stalking horse bids are made to help prevent undervalued deals from going through, and currently the Department of Energy (DOE) will be losing a reported $139 million on its Fisker holdings. Wanxiang’s bid however, isn’t even more than Hybrid Tech Holdings’ offer of $25 million; in fact, the company is offering to pay less at $24.7 million but will assume some of Fisker’s liabilities.
Wanxiang however, wants to bring Fisker back to life, even including a rendering of a Fisker Atlantic hatchback, dubbing it “Fisker Next Gen.” The company is proposing to restart Fisker production at its Finland plant before moving to VL Automotive’s manufacturing facility in Michigan.
The American automaker has requested the judge to deny Wanxiang’s bid, but a hearing will come in a week.
GALLERY: 2012 Fisker Karma
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