COSTA MESA, Calif. – Fisker Automotive and Fisker Automotive Holdings Inc. (collectively, Fisker Automotive) announced that after 19 rounds of bidding Wanxiang America Corp. (Wanxiang) has been selected as the highest and best bidder in a competitive auction completed on Friday, Feb. 14, in a transaction that includes the acquisition of Fisker’s Wilmington, Del., 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.
"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."
Wanxiang’s successful bid will be presented for approval by the United States Bankruptcy Court for the District of Delaware in Wilmington on Tuesday, Feb. 18, 2014. The transaction is expected to close promptly thereafter.
In 2012, Wangxiang outbid Johnson Controls to acquire A123 Systems out of bankruptcy as well.
