Fisker Automotive, Inc. and Fisker Automotive Holdings, Inc. (collectively, Fisker Automotive) announced that the company has obtained bankruptcy court approval of the sale of substantially all of its assets to Wanxiang America Corporation (Wanxiang).

"Today's approval of the sale of Fisker's assets to Wanxiang affirms the value of the Fisker technology and its product development capability," said Marc A. Beilinson, Fisker Automotive's Chief Restructuring Officer. "Throughout this process, our goal has been to obtain the highest and best value for our assets and to improve recoveries for our stakeholders. With the sale to Wanxiang valued at approximately $150 million, we have taken a critical step forward in this process."

Beilinson further added, "I would also like to thank both Wanxiang, for its support for Fisker, and our Creditors' Committee and its advisors for their constructive approach here."

The transaction is expected to close shortly, subject to customary closing conditions.

Fisker Automotive is being advised by Kirkland & Ellis LLP and Pachulski Stang Ziehl & Jones LLP as counsel, Evercore Partners as investment banker and Beilinson Advisory Group as restructuring advisor.

Wanxiang is advised by Sidley Austin LLP and Young Conway Stargatt & Taylor LLP as counsel and M6 Business Advisors LLC as restructuring advisor.