Wanxiang Approved To Take Over Hybrid Maker Fisker Auto - Presented by: The Aol. On Network

China's Wanxiang Group won court approval Tuesday to take over failed luxury hybrid maker Fisker Automotive Inc. after successfully outbidding Hong Kong billionaire Richard Li in an auction. Mr. Li's takeover vehicle, Hybrid Tech Holdings, signaled it would move to collect most of the $149.2 million Wanxiang is paying, exercising its rights as Fisker's senior secured lender to trump the claims of Fisker's unpaid suppliers.



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