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US: Fisker sale could be fast-tracked – report

By Dave Leggett | 27 November 2013

Bankrupt Fisker Automotive could be sold by January 3, 2014, under a schedule approved by the judge overseeing its bankruptcy case, according to a Bloomberg report.

The report said that US Bankruptcy Judge Kevin Gross has approved a faster-than-normal sale process for the company.

Fisker justified the fast pace of the case by claiming the company and federal officials conducted an "extensive" marketing effort before the bankruptcy was filed, according to court papers.

The report noted that in October, the U.S. Department of Energy held an auction for a US$168.5m loan it made to Fisker.

An affiliate of Hybrid Tech Holdings LLC won that auction.

At the Jan. 3 hearing, Fisker will ask Gross to allow Hybrid Tech to exchange the debt it is owed for Fisker's assets.

Fisker also will seek approval for its liquidation plan, which may eliminate potential creditor lawsuits.