When Fisker filed bankruptcy in November, it planned to sell its assets to Hybrid Tech, the acquirer of Fisker’s $168.5 million loan from the Department of Energy, by way of credit bid.  Before the sale (requiring the approval of the Bankruptcy Court) was consummated, another potential acquirer, Wanxiang Group Corp.,  emerged.  Wanxiang originally offered $27.5 million in cash and subsequently increased its offer.

Although its Israel-based electric car company had already filed bankruptcy in its home country, Better Place, Inc., the U.S. parent of the foreign debtor, filed for protection under chapter 15 of the Bankruptcy Code with the United States Bankruptcy Court for the District of Delaware earlier this summer, in the hopes of obtaining protection of its U.S. assets while the foreign bankruptcy was being administered.