Seeking Alpha

China's Wanxiang beat out tycoon for Fisker

  • 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.
Comments (1)
  • samuel_liu
    , contributor
    Comments (2798) | Send Message
     
    I doubt Richard Li has the experience to handle Fisker. Just ask Hong Kong land line users.
    17 Feb 2014, 01:14 AM Reply Like
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