Court Approves Sale of Substantially All Fisker's Assets to Wanxiang America Corporation - ABC 12 – WJRT – Flint, MI

Court Approves Sale of Substantially All Fisker's Assets to Wanxiang America Corporation

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact

SOURCE Fisker Automotive

COSTA MESA, Calif., Feb. 18, 2014 /PRNewswire/ -- Fisker Automotive, Inc. and Fisker Automotive Holdings, Inc. (collectively, Fisker Automotive) announced today that the Company has obtained bankruptcy court approval of the sale of substantially all of its assets to Wanxiang America Corporation (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.

Fisker Automotive is being advised by Kirkland & Ellis LLP and Pachulski Stang Ziehl & Jones LLP as counsel, Evercore Partners as investment banker and Beilinson Advisory Group as restructuring advisor.

Wanxiang is advised by Sidley Austin LLP and Young Conway Stargatt & Taylor LLP as counsel and M6 Business Advisors LLC as restructuring advisor.

©2012 PR Newswire. All Rights Reserved.

Powered by WorldNow

ABC12 Main Station

Mailing Address:
2302 Lapeer Road
Flint, Michigan 48503

Powered by 

All content © Copyright 2000 - 2014 WorldNow and WJRT. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.