Wanxiang America, an affiliate of Chinese automotive parts maker Wanxiang Group, has received an approval from the US bankruptcy court to acquire the assets of American electric car maker Fisker Automotive for $149.2m.
The company has won a bankruptcy three-day auction against Hybrid Tech Holdings on 14 Febraury 2014.
The total amount represents $126.2m of cash, $8m of assumed liabilities, and a contribution of common equity in an affiliate of Wanxiang.
Fisker Automotive has ceased production of its sports car, Karma hybrid, in 2012. After the completion of this transaction, Wanxiang could restart production in the coming months.
The company expects to sell more than 1,000 Karma hybrids in the first 18 months in the US and 500 in Europe.
Sidley Austin attorney Bojan Guzina, who represents Wanxiang, was quoted by Reuters as saying: "We are delighted that our client prevailed at the auction, and we look forward to completing the next step in this process."
Earlier in 2013, Wanxiang also acquired Fisker's battery supplier, A123 Systems in a similar bankruptcy sale.