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 This material may not be published, broadcast, rewritten, or redistributed.