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Wanxiang lifts cash bid to win Fisker asset sale

The U.S. arm of China’s largest auto-parts supplier won with a bid of $149.2 million.
Fisker bankruptcy

WILMINGTON, Del. — Wanxiang America, Inc. won a 2 1/2-day auction for the assets of Fisker Automotive, the plug-in hybrid manufacturer that had been planning to build its second-generation car at a former General Motors plant in Wilmington.

The U.S. arm of China’s largest auto-parts supplier won with a bid of $149.2 million, attorneys for Fisker and the unsecured creditors’ committee said Friday afternoon. In winning the auction, Wanxiang outbid Hybrid Tech Holdings, which had originally sought to purchase Fisker by buying its $168 million federal loan for the discounted price of $25 million.

A bankruptcy court judge rejected that prepackaged bankruptcy plan last month and ordered the auction. That judge, Kevin Gross, will decide whether or not to approve the sale in court Tuesday.

“We are honestly delighted,” said Bill Baldiga, an attorney for the committee of unsecured creditors. “This is six times what Fisker said it was worth when it started the bankruptcy case three months ago, and the committee was the only one fighting to have a transparent and open process, notwithstanding the fact that we had opposition every step along the way from Fisker and Hybrid,” he said.
usatoday.com

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