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September 20, 2017

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Bankrupt Fisker sells assets to Wanxiang for US$150 million

WASHINGTON--The one-time star electric carmaker Fisker Automotive said Monday it sold "substantially all" of its assets to the Chinese auto parts group Wanxiang for US$150 million.

The news came after last year's bankruptcy filing by Fisker, whose sleek, sporty electric cars caught the eye of Justin Bieber and other celebrities.

A brief statement by Fisker said the deal was completed with Wanxiang America Corp.

"The completion of this transaction represents a significant achievement and is a great result for all Fisker Automotive stakeholders," said Marc Beilinson, Fisker's restructuring officer.

"This successful outcome would not have been possible without the productive support from Wanxiang, our creditors' committee, and their advisors."

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