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Chinese Company Lines Up To Buy California-Based Fiskar Automotive

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Karma by Fiskar Automotive

Karma by Fiskar Automotive

IRVINE (CBS/AP) — A company has filed a proposal to buy the assets of California-based Fisker Automotive, days before a hearing planned in the electric vehicle maker’s bankruptcy.

The proposed agreement between Fisker and Wanxiang America Corp. was filed Monday in bankruptcy court. A hearing on a possible sale of Fisker’s assets is scheduled for Friday in Wilmington.

Wanxiang’s bid was filed by a representative of the Official Committee of Unsecured Creditors. That group represents Fisker’s creditors.

Sunni Beville, attorney for the committee, says Wanxiang proposed a “stalking horse” asset purchase agreement. Such an agreement sets a minimum sale price that other proposed buyers would need to match or beat.

Fisker sought bankruptcy protection in November, three years after receiving a $529 million federal loan commitment.

Copyright 2014 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.

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