Bankrupt battery-carmaker Fisker Automotive could get a new lease on live. After an unexpected, last-minute surge in bidding, China’s Wanxiang Group won an auction for the remaining assets of the California-based maker for $149.2 million.
That was nearly six times as much as it originally appeared the once-promising Fisker might go for. The company originally expected its assets to go to Japan’s Hybrid Tech Holdings for a much more modest $25 million after filing for bankruptcy last November. Creditors had objected to what they saw as a sweetheart deal and U.S. Bankruptcy Judge Kevin Gross agreed to let other interested parties bid for Fisker’s remains.
“This is a great result for all Fisker stakeholders,” Marc Beilinson, the carmaker’s chief restructuring officer, said in a statement issued after the announcement – which is expected to be finalized by the Delaware-based bankruptcy court tomorrow.