Delaware Bankruptcy Judge Approves Sale Of Fisker Automotive to China's Wanxiang
Last week, Rueters reported that Wanxiang, a Chinese parts supplier, had won the bankruptcy auction for Fisker Automotive. The bid was valued around $149.2 million. The deal comes to close after a bidding war between Wanxiang and Hybrid LLC — a group who includes Richard Li, a Fisker investor and Hong Kong billionaire. In November, Fisker asked for Hybrid Technology LLC to purchase the bankrupt company for $25 million, but creditors objected the deal in November and brought Wanxiang into the case in December.
Today Delaware, U.S. Bankruptcy Judge Kevin Gross approved of the sale to Wanxiang. He stated that the auction “shows that a fair process is a good thing.”
Wanxiang also bought A123 Systems Inc. last year after its bankruptcy for $256.6 million. A123 produced the Fisker batteries, which Henrick Fisker attributed to the failure of Fisker after A123 went through bankruptcy in October of 2012, and exiting in March of 2013.
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"Whoever put a dime into Fisker originally should be committed." In this file photo, Fisker Automotive's Fisker Karma, a sports ... The Obama administration announced Friday it will lose $139 million ... of the loan program and President Barack Obama's investments in green energy. You're partically correct. That's committed after serving consecutive life terms for scientific ineptness, total lack of leadership, and crony politics by a certain unnamed politician with fake credentials.
Dumbest automotive purchase ever.
Man, that money Obama invested into "green" cars like Fisker has really paid off. There are electric cars everywhere on the roads and Fisker has paid back every penny to the taxpayers... ...no wait, the technology will be given away essentially for free to the Chinese. Smart power, indeed.
Oh the humanity! First Hummer and now this! Sarcasm mode off. The good news is: Wanxiang plans to team up with Bob Lutz and his partner Gilbert Villarreal, who have established VL Automotive to build the VL Destino. So sometime in the future we'll have a four door luxury ZL-1.