FILE - This Nov. 18, 2010 file photo shows the Fisker Automotive's Fisker Karma, a sports luxury plug-in hybrid car at the 2010 Los Angeles Auto Show in Los Angeles. A Delaware bankruptcy judge on Friday ordered a competitive auction for the assets of Fisker Automotive, rejecting a proposal by a group led by Hong Kong billionaire Richard Li to assume control of the failed electric auto manufacturer in a private sale. (AP Photo/Damian Dovarganes, File)
Pictured is Fisker Automotive's Fisker Karma, a sports luxury plug-in hybrid car at the 2010 Los Angeles Auto Show in Los Angeles.
Damian Dovarganes/Associated Press/File

DOVER, Del. (AP) — Participants in a bankruptcy auction for failed electric-vehicle maker Fisker Automotive say Chinese auto-parts conglomerate Wanxiang Group quadrupled the cash portion of its bid to $149 million to win the auction.

Two people who took part in the auction said Friday that Wanxiang beat out Hybrid Technology, led by Hong Kong billionaire Richard Li. The auction participants spoke on condition of anonymity because an official statement has not yet been released.

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Going into the auction, which began Wednesday, Hybrid offered $30 million in cash and cancellation of $25 million in debt it says it is owed as Fisker’s senior secured lender. Wanxiang had offered $35.7 million in cash and an equity stake for creditors in a reorganized Fisker, with the possibility of additional recoveries for creditors through lawsuits.