China's Wanxiang beat out tycoon for Fisker

|By:, SA News Editor

China's Wanxiang Group has won an auction for Fisker Automotive after bidding $149.2M for the bankrupt manufacturer of luxury plug-in hybrid cars.

Wanxiang will pay $126.2M in cash and take on $8M in liabilities.

The deal is a victory for unsecured creditors, who objected to the $25M that Fisker accepted from Hybrid Tech Holdings when it filed for bankruptcy in November. Hybrid is led by Hong Kong tycoon Richard Li.

The acquisition now needs the approval of Bankruptcy Judge Kevin Gross, who is scheduled to rule on the matter on Tuesday.

Fisker would add to Wanxiang's ownership of A123, which made batteries for Fisker's cars and also went bankrupt.