- 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.
China's Wanxiang beat out tycoon for Fisker
Feb 16 2014, 02:45 ET