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Fisker Assets will Go to China’s Wanxiang Group
Wanxiang Group has won a 19-round auction for the assets of bankruptcy hybrid carmaker Fisker Automotive Holdings Inc.
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Wanxiang Group has won a 19-round auction for the assets of bankruptcy hybrid carmaker Fisker Automotive Holdings Inc.
The Chinese car parts supplier prevailed over Hong Kong-based Hybrid Tech Holdings LLC with an offer of $126 million in cash and $8 million in assumed liabilities. The deal is expected to be approved on Tuesday by Fisker's bankruptcy judge.
Fisker collapsed in November after running short of money to build its $107,900 Karma plug-In hybrid sport sedan. The company had asked the bankruptcy court for permission to sell its assets for $25 million to Hybrid.
Early last year Wanxiang paid $257 million to A123 System LLC, the company that supplied batteries to Fisker before the startup carmaker collapsed in November.
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