|By PR Newswire||
|February 14, 2014 05:59 PM EST||
COSTA MESA, Calif., Feb. 14, 2014 /PRNewswire/ -- Fisker Automotive, Inc. and Fisker Automotive Holdings, Inc. (collectively, Fisker Automotive) announced today that after 19 rounds of bidding Wanxiang America Corporation (Wanxiang) has been selected as the highest and best bidder in a competitive auction completed on Friday, February 14, 2014, in a transaction that includes the acquisition of Fisker's Wilmington, Delaware plant.
Wanxiang's bid has been valued at approximately $149.2 million, representing $126.2 million of cash, $8 million of assumed liabilities, and a contribution of common equity in an affiliate designated by Wanxiang to acquire the assets of Fisker Automotive. Wanxiang's successful bid remains subject to Bankruptcy Court approval.
"We conducted a highly spirited auction resulting in an increase in value of approximately $90 million 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 promptly thereafter.
Fisker is advised by Kirkland & Ellis LLP and Pachulski Stang Ziehl & Jones LLP as counsel, Evercore as investment banker, and Beilinson Advisory Group as restructuring advisor.
Wanxiang is advised by Sidley Austin LLP and Young Conaway Stargatt & Taylor LLP as counsel and M6 Business Advisors LLC as restructuring advisor.
SOURCE Fisker Automotive