Fisker Automotive has announced that after 19 rounds of bidding Wanxiang America Corporation (Wanxiang) has been selected as the highest and best bidder in a competitive auction.
The transaction includes the acquisition of Fisker’s Wilmington, Delaware plant and Wanxiang’s bid has been valued at approximately USD149.2m, representing USD126.2m of cash, USD8m of assumed liabilities, and a contribution of common equity in an affiliate designated by Wanxiang to acquire the assets of Fisker Automotive.
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Wanxiang’s successful bid remains subject to Bankruptcy Court approval.
“We conducted a highly spirited auction resulting in an increase in value of approximately USD90m 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, February 18, 2014. The transaction is expected to close soon afterwards.
Fisker was in the process of being sold to Hong Kong businessman Richard Li before a last-minute effort last month by Wanxiang to reopen the sale process.
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