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Judge rejects Hybrid appeal in Fisker bankruptcy
http://gazette.com/judge-rejects-hybrid-appeal-in-fisker-bankruptcy/article/feed/86385Judge rejects Hybrid appeal in Fisker bankruptcy
Associated Press Updated: February 7, 2014 at 7:20 pm • Published: February 7, 2014
OVER, Del. (AP) — The bankruptcy auction of the failed electric-vehicle maker Fisker Automotive remains on track after a federal district court judge's ruling Friday.
The Delaware judge denied an emergency motion by Hybrid Technology, a group led by Hong Kong billionaire Richard Li, to appeal a previous ruling limiting how much debt it could use to buy Fisker.
A bankruptcy judge had rejected Hybrid's plan to use $75 million it claims it is owed as Fisker's senior secured lender on the bid. He capped Hybrid's credit bid at $25 million, setting up a competitive auction with Chinese auto parts conglomerate Wanxiang Group Corp., whose offer includes $35.7 million in cash. Hybrid is offering $30 million in cash for Fisker.
The auction is scheduled for Wednesday.
