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Judge to Hear Fisker Bankruptcy Sale Plan in January
A federal bankruptcy judge in Delaware has set a Jan. 3 hearing date for a proposed sale of bankrupt Fisker Automotive Inc. to a consortium led by Hong Kong billionaire Richard Li.
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A federal bankruptcy judge in Delaware has set a Jan. 3 hearing date for a proposed sale of bankrupt Fisker Automotive Inc. to a consortium led by Hong Kong billionaire Richard Li.
Fisker filed for Chapter 11 protection on Nov. 22. The judge notes that it's unusual to move directly into such a sale without at least trying to auction off assets. But Fisker notes that a lengthy earlier attempt failed to line up a buyer.
The fast-track bankruptcy will attempt to process a Fisker liquidation and sale simultaneously. The judge will hold a hearing on Dec. 10 to determine whether the carmaker's creditors have received enough information to decide whether to accept the liquidation plan.
The Associated Press says a creditors committee could be formed as soon as next week to assess Fisker's disclosure statement. The plan would give Fisker's unsecured creditors only $500,000 of the estimated $250 million they are owed, according to AP.
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