Costa Mesa, Calif. - Fisker Automotive Inc. and Fisker Automotive Holdings Inc. (collectively, Fisker Automotive) obtained bankruptcy court approval of the sale of substantially all of its assets to Wanxiang America Corp. (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.