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Judge Approves Fisker Asset Sale
A bankruptcy judge in Delaware has approved the sale of Fisker Automotive Holdings Inc.'s assets to China's Wanxiang Group for $149 million.
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A bankruptcy judge in Delaware has approved the sale of Fisker Automotive Holdings Inc.'s assets to China's Wanxiang Group for $149 million.
The winning bid consists of $126 million in cash, $8 million in assumed liabilities and a 20% common equity stake for creditors in the post-bankruptcy company valued at $15 million.
Fisker sought bankruptcy protection last November after suspending production of its $107,900 Karma plug-in hybrid sport sedan several months earlier. The company initially pushed for a fast-track $25 million sale to Hybrid Technology Holdings LLC, a company affiliated with Hong Kong-based billionaire Richard Li.
Wanxiang's plans for Fisker are unclear.
One of the assets included in the sale is a former General Motors Co. factory in Wilmington, Del., that Fisker had planned to use for production. Wanxiang said earlier this month it might produce an updated Fisker car there if market demand warrants.
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