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US: Fisker sale to Wanxiang approved by federal judge

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US: Fisker sale to Wanxiang approved by federal judge

The remaining assets of bankrupt electric-vehicle maker Fisker Automotive were sold in an auction to Chinese auto-parts conglomerate Wanxiang Group and the deal was approved on Tuesday by a Delaware bankruptcy judge.

Wanxiang overbid last week Hybrid Technology, led by Hong Kong billionaire Richard Li, with a final bid amount of $149.2 million in cash and other considerations and Judge Kevin Gross approved the result.

“The bankruptcy process has been fully addressed,” said Gross.

Last month the same Judge also overthrew Hybrid’s plans to quickly acquire Fisker’s assets in a fast private sale, using credit based on its secured debt instead of cash. The winning bid from Wanxiang included $126 million in cash, $8 million in assumed liabilities and also a 20 % common equity stake for Fisker’s creditors.

Fisker, which went into bankruptcy last November, although back in 2010 it secured a $529 million loan commitment from the Obama administration, originally planned to manufacture its cars at a former General Motors assembly facility in Delaware.

Now, under Wanxiang’s ownership the future of the plant is uncertain, as the Chinese company said that a new line of Fisker cars would begin assembly there only if the market conditions require it.

by Aurel Niculescu (my Google+) - Wednesday, February 19th, 2014 - filed under Industry, News. Image credit: .
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