Fisker Assets Sold For $149 Million

The assets of bankrupt Fisker Automotive were sold to Wanxiang America at the close of an auction in Delaware bankruptcy court that lasted more than two days and lasted 19 rounds.

Bloomberg reports that the Chinese company paid a total of $149.2 million for the company, or six times the price of $25 million first offered by unsuccessful bidder Hybrid Tech Holdings, whose opening bid was $55 million as the auction began.Winning bidder Wanxiang is China's largest auto-parts group. It also owns A123 Systems, the lithium-ion cell maker whose batteries were used in the luxury range-extended electric Fisker Karma sedan.Hybrid Tech had sought to buy Fisker's assets privately; when Fisker filed for bankruptcy in November, it said it had agreed to that deal.

Hybrid's attempt to gain control of Fisker was spoiled by a late bid from Wanxiang, whereupon Hybrid Tech raised its bid to $55 million. Both Hybrid Tech and Fisker had sought to avoid an auction of the company's assets.But U.S. Bankruptcy Court Judge Kevin Gross chose instead to put those assets up for open public auction. Fisker's many unsecured creditors would have received little or nothing from the Hybrid Tech bid.

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