Chinese billionaire ups offer for Fisker

Bidding hasn’t officially started yet,  but two Chinese companies continue to up their offers for Fisker Automotive.

Hybrid Technologies, which is owned by Chinese billionaire Richard Li, was the first company to show interest in Fisker. The company today raised its offer to $55 million, $30 million in cash and $25 million in the form of a credit bid to obtain Fisker’s assets.  The News Journal is reporting from their delawareonline.com story that Hybrid could consider building cars in Delaware.  That’s a change in their previous position.

Of the $55 million, $5.5 million would be guaranteed to go toward Fisker’s unsecured creditors.

This trumps Wanxiang America Corporation’s $35 million offer which was submitted last week. Wanxiang had also said it would use Delaware’s Boxwood Road plant to manufacturer the next generation of Fisker cars.

Both companies are vying to be, what’s known in the bankruptcy world, as a “stalking horse” or the first bidder to kick off the auction.

The interest shown by these two companies is good news the creditors that invested more than a billion dollars in Fisker.

The state of Delaware invested nearly $20 million in loans and grants to help bring the car company’s manufacturing to the First State.

During a brief court hearing Monday afternoon Fisker attorney Ryan Preston Dahl said they’re “very happy” in their current position.

Fisker was set to move forward with a bankruptcy sale to Hybrid Tech however U.S. Bankruptcy Judge Kevin Gross denied the sale on Friday and instead ruled that an auction should be held.

An auction could be held as early as February.