UPDATE 1-U.S. judge clears way for China's Wanxiang to bid for Fisker
WILMINGTON, Del., Jan 10 (Reuters) - A U.S. judge on Friday rejected a planned sale of Fisker Automotive to a Hong Kong tycoon, opening the way for China's largest auto parts company to buy the defunct maker of the Karma plug-in hybrid sports car.
U.S. Bankruptcy Judge Kevin Gross said competitive bidding between a company affiliated with the tycoon, Richard Li, and a unit of Wanxiang Group of China was the best way forward.
"I think that, for me, at the end of the case, whether or not the price paid was fair or reasonable, I think an auction will provide that mechanism. That is the most favored method," said Gross.