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Wanxiang Wins Fisker Bankruptcy Auction

Fisker-KarmaChinese auto parts maker Wanxiang Group Corporation won a bankruptcy auction for the assets of Fisker Automotive, in a transaction that includes the acquisition of Fisker’s Wilmington, Delaware plant.

Wanxiang’s bid has been valued at approximately $149.2 million, representing $126.2 million of cash, $8 million of assumed liabilities, and a contribution of common equity in an affiliate designated by Wanxiang to acquire the assets of Fisker Automotive. Wanxiang’s successful bid remains subject to Bankruptcy Court approval.

The auction began on Wednesday and ended on Friday. There were 19 rounds of bidding, according to Fisker.

“We conducted a highly spirited auction resulting in an increase in value of approximately $90 million as compared to the opening bid of the auction,” said Marc Beilinson, Fisker Automotive’s Chief Restructuring Officer. “This is a great result for all Fisker stakeholders, including Hybrid Tech Holdings, LLC, and Fisker’s general unsecured creditors. We would also like to thank Wanxiang and Hybrid for their active participation in Fisker’s auction process.”

Fisker filed for bankruptcy with a a plan to sell its assets to Hybrid Tech. Fisker creditors opposed that plan, which would have left them with almost nothing, and instead teamed up with Wanxiang and pushed for an auction.

Hybrid Tech controls the top-ranking debt in Fisker’s case, a loan of more than $160 million purchased at a steep discount from the U.S. Department of Energy last year. The DOE wanted out of its investment in Fisker, as the operation’s troubles mounted and sold the loan for $25 million.

Wanxiang’s successful bid will be presented for approval by the United States Bankruptcy Court for the District of Delaware in Wilmington on Tuesday, February 18, 2014. The transaction is expected to close promptly thereafter.

Wanxiang had previously snapped up Fisker’s sole battery supplier, A123 Systems, in bankruptcy court. A123’s batteries for the Karma proved defective and led to a costly repair plan. Fisker followed A123 into bankruptcy late last year.

Feb 15, 2014Blagojce Krivevski
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Blagojce Krivevski

Blagojce Krivevski is physicist and green technology lover. Keep in touch with Blagojce through his email, web site, Twitter, Linkedin, Facebook and Google+.

February 15, 2014 Electric Car Newsfisker, fisker automotive, Wanxiang
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