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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.

This week on The Broke and the beautiful, a couple of celebrity bankruptcy cases are coming to light. Sitcom star Drake Bell has been in bankruptcy since last May, and former “Baywatch” star Donna D’Errico took her own turn in Chapter 7. Also, Betsey Johnson puts her own spin on New York Fashion Week.

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.

While the number of corporate bankruptcies dwindled again in 2013, a deart