Delaware judge set to issue key ruling determining future of Fisker Automotive bankruptcy

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WILMINGTON, Del. - A Delaware bankruptcy judge is weighing competing sale plans for failed electric-vehicle manufacturer Fisker Automotive.

The judge planned to issue a key ruling Friday that could determine the new owner of Fisker, which sought bankruptcy less than four years after receiving a $529 million loan commitment from the U.S. Energy Department.

Hybrid Technology LLC recently paid $25 million for DOE's outstanding loan balance of more than $160 million. It now wants to buy Fisker in a private sale using a $75 million credit bid based on its senior secured loan.

Chinese auto parts conglomerate Wanxiang Group has offered a $35.7 million cash bid as the starting point for a competitive auction. But that proposal is contingent on the judge eliminating or restricting Hybrid's ability to use credit for its bid.

Organizations: U.S. Energy Department, Technology, DOE Wanxiang Group

Geographic location: Delaware, WILMINGTON

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