Wanxiang wins bid for Fisker at $149.2 million

Sat, Feb 15 2014

Fisker Automotive has been sold, ladies and gentlemen. According to Automotive News, Wanxiang from China won the company after a few tense days of bidding between it and Hybrid Tech Holdings from Hong Kong. The winning bid came in at $149.2 million, which, rather interestingly, is almost six times the amount Fisker itself sought to recover from bankruptcy.

That bid includes $126.2 million in cash and $8 million in assumed liabilities, and it came after 19 rounds between Wanxiang and Hybrid Tech. Wanxiang also owns the company that supplies batteries, or at least would supply them if and when the Karma goes back on sale.

While all this seems pretty official, it still needs to be approved by US Bankruptcy Judge Kevin Gross, who has scheduled a hearing on Feb. 18 in Wilmington, Del.

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News Source: Automotive News - sub. req.

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By Jeremy Korzeniewski