Henrik Fisker former executive chairman and founder of Fisker Automotive appears before the Economic Growth Job Creation and Regulatory Affairs Subcommittee during a hearing on Capitol Hill April 24 2013 in Washington DC The committee heard testimony on Fisker39s collapse after receiving a 529 million federal loan in 2009 Copyright Win McNamee, Getty Images

Henrik Fisker, former executive chairman and founder of Fisker Automotive, appears before the Economic Growth, Job Creation, and Regulatory Affairs Subcommittee during a hearing on Capitol Hill April 24, 2013, in Washington, DC. The committee heard testimony on Fisker's collapse after receiving a $529 million federal loan in 2009.

Bankruptcy Court Approves Fisker Sale to Chinese Firm

The one-time star electric carmaker filed for bankruptcy protection in November, months after laying off most of its workforce.

WASHINGTON - A bankruptcy court has approved the sale of one-time star electric carmaker Fisker Automotive to the Chinese auto parts group Wanxiang, the U.S. firm said Monday.

California-based Fisker said it received approval from the bankruptcy court in Delaware of its sale for $149.2 million.

The group filed for bankruptcy protection in November, months after laying off most of its workforce.

Fisker was started in southern California in 2007 by former Aston Martin and BMW designer Henrik Fisker and German business partner Bernhard Koehler.

While it did not have the expected success with its sleek hybrid Karma sports car -- which it billed as "a bold expression of uncompromised responsible luxury" -- the $100,000 vehicle did attract interest from the likes of stars such as Justin Bieber, Leonardo DiCaprio and Ashton Kutcher.

Fisker turned into a political liability for President Barack Obama's administration because it received U.S. government loans to promote green car technology.

Copyright Agence France-Presse, 2014

TAGS: Leadership
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