New Cases

China’s Wanxiang Group won court approval Tuesday to take over failed luxury hybrid-car maker Fisker Automotive Inc. after successfully outbidding Hong Kong billionaire Richard Li in an auction. Read the Daily Bankruptcy Review article via The Wall Street Journal.

China’s Wanxiang Group emerged as the winning bidder Friday at a bankruptcy auction for the assets of Fisker Automotive Inc., according to sources familiar with the results of the competition. Read the Daily Bankruptcy Review article via The Wall Street Journal.

Optim Energy LLC, an energy business owned by Bill Gates ’ investment company, filed for Chapter 11 bankruptcy protection Wednesday in Delaware, stating that its executives couldn’t get the consent they needed to borrow more money under a credit facility. Read the Daily Bankruptcy Review article here.

This week on The Broke and the Beautiful, the company behind the BottleRock music festival hits a sour note, and Girls Gone Wild made a settlement. Also, a group led by Magic Johnson bought the WNBA’s Los Angeles Sparks.