Monday, February 17, 2014

Fisker Automotive Goes To Wanxiang In Bankruptcy

Bankrupt electric automotive firm Fisker Automotive has been sold to Chinese auto parts company Wanxiang Group, after a bankruptcy auction on Friday, according to the companies. The deal was worth $149.2M. Irvine-based Fisker Automotive has been in the midst of bankruptcy proceedings since last year. According to Reuters, the deal is expected to be presented in bankruptcy court Tuesday for approval. Fisker had raised over $1.7 billion to bring its cars to market.