COSTA MESA, Calif., March 24, 2014 /PRNewswire/ — Fisker Automotive, Inc. and Fisker Automotive Holdings, Inc. (collectively, Fisker Automotive) announced today that their transaction to sell substantially all of their assets to an affiliate of Wanxiang America Corp. (Wanxiang) for consideration valued at approximately $150 million has closed.

“The completion of this transaction represents a significant achievement and is a great result for all Fisker Automotive stakeholders,” said Marc A. Beilinson, Fisker Automotive’s Chief Restructuring Officer. “This successful outcome would not have been possible without the productive support from Wanxiang, our Creditors’ Committee, and their advisors.”

Fisker Automotive is being 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