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|The one-time star electric carmaker Fisker Automotive said Monday it sold "substantially all" of its assets to the Chinese auto parts group Wanxiang for $150 million.
The news came after last year's bankruptcy filing by Fisker http://www.newyorkislandersteamstore.com/adidas-pat-lafontaine-jersey , whose sleek, sporty electric cars caught the eye of Justin Bieber and other celebrities.
A brief statement by Fisker said the deal was completed with Wanxiang America Corp.
"The completion of this transaction represents a significant achievement and is a great result for all Fisker Automotive stakeholders," said Marc Beilinson, Fisker's restructuring officer.
"This successful outcome would not have been possible without the productive support from Wanxiang http://www.newyorkislandersteamstore.com/adidas-nikolay-kulemin-jersey , our creditors' committee, and their advisors."
Fisker was started in southern California in 2007 by former Aston Martin and BMW (Berlin: BMW.BE - news) 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 Bieber, Leonardo DiCaprio and Ashton Kutcher.
Having struggled financially for some time http://www.newyorkislandersteamstore.com/adidas-nick-leddy-jersey , Fisker announced last year that it was laying off 75 percent of its workforce.
Fisker turned into a political target for President Barack Obama's administration because it received US government loans to promote green car technology.
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The new James Bond movie Spectre overcame lukewarm reviews to triumph at the North American box office, earning a whopping $73 million on its debut weekend http://www.newyorkislandersteamstore.com/adidas-jordan-eberle-jersey , industry estimates showed Sunday.
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