Deals
Wanxiang Wins Fisker Asset Auction With $149 Million Bid
This article is for subscribers only.
China’s Wanxiang Group won an auction for Fisker Automotive Holdings Inc., the maker of luxury plug-in hybrid cars, with a $149.2 million bid, almost six times what Fisker was seeking when it filed for bankruptcy.
Wanxiang topped Hybrid Tech Holdings LLC during the auction, which began three days ago and went through 19 rounds of bidding, with an offer that includes $126.2 million in cash and $8 million in assumed liabilities, Fisker said yesterday in a statement. U.S. Bankruptcy Judge Kevin Gross is scheduled to consider approving the sale on Feb. 18 in Wilmington, Delaware.