The Canadian Press - ONLINE EDITION

Delaware bankruptcy judge approves sale of Fisker Automotive assets to Wanxiang

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WILMINGTON, Del. - A Delaware bankruptcy judge has approved the sale of the remaining assets of failed electric-vehicle maker Fisker Automotive to Chinese auto-parts conglomerate Wanxiang Group.

In an auction stretching over three days last week, Wanxiang beat out Hybrid Technology, led by Hong Kong billionaire Richard Li, with a final bid of $149.2 million in cash and other considerations.

The judge approved the asset sale at a court hearing Tuesday.

California-based Fisker, which had planned to build cars at the former General Motors plant in Delaware, filed for bankruptcy protection in November. The move ended a long, downward spiral that began after it received a $529 million loan commitment from the Obama administration in 2010.

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