Court Approves Sale of Substantially All Fisker's Assets to Wanxiang America Corp.
Costa Mesa, Calif. - Fisker Automotive Inc. and Fisker Automotive Holdings Inc. (collectively, Fisker Automotive) obtained bankruptcy court approval of the sale of substantially all of its assets to Wanxiang America Corp. (Wanxiang).
"Today's approval of the sale of Fisker's assets to Wanxiang affirms the value of the Fisker technology and its product development capability," said Marc A. Beilinson, Fisker Automotive's chief restructuring officer. "Throughout this process, our goal has been to obtain the highest and best value for our assets and to improve recoveries for our stakeholders. With the sale to Wanxiang valued at approximately $150 million, we have taken a critical step forward in this process."
Beilinson further added, "I would also like to thank both Wanxiang, for its support for Fisker, and our Creditors' Committee and its advisors for their constructive approach here."
The transaction is expected to close shortly, subject to customary closing conditions.
More Industry
Achromatic Autos
The shades that dominate the U.S. car market don’t call attention to themselves, though grayscale may have plateaued after a 30-year upswing, research shows.
Read More →
Used-Vehicle Affordability Worsens
Listing prices in August defied seasonal trends, rising above $27,000 for the second time this year.
Read More →
First-Half Dealership Deals Up
Buy-sell activity shows that acquirers are looking for value and scale as many retailers seek to leave an increasingly competitive and complex market, Kerrigan Advisors reports.
Read More →
Kia Closes Out Summer With a Bang
Its U.S. subsidiary broke multiple records in August, in part due to a surge of demand for hybrids models.
Read More →
Indiana Dealership Changes Hands
A 30-year-old Ford dealership in Indiana has a new owner and will soon be undergoing renovations to meet manufacturer requirements.
Read More →
Texas Dealership No Longer in the Family
The Ford store, a longtime cornerstone of the Houston market, is now part of one of the fastest-growing U.S. auto groups.
Read More →
Genesis Grows California Presence
The Cardinale Automotive Group opened its third Genesis rooftop in the Golden State, Genesis of San Bruno, a stand-alone dealership serving the San Francisco Bay Area.
Read More →
August Auto Sales a Mixed Bag
An early forecast shows strong business despite consumer hurdles, and hybrids are a big piece of their affordability coping strategy.
Read More →
EV Market Humming Along
July sales show steady growth as the segment stabilizes from last year’s artificial surge following pullback of federal support.
Read More →
Auto Loan Delinquency Rates Stabilize
Auto loans are a main driver of nonmortgage consumer debt, but delinquency rates stabilized in the second quarter across all credit risk tiers.
Read More →