A U.S. bankruptcy judge has approved court documents outlining a sale process for failed electric-vehicle maker Fisker Automotive
The judge on Tuesday granted interim approval of Fisker's description of its bankruptcy plan and the process for creditors to vote on it, although he expressed concerns about the quick pace with which the case was moving. Attorneys for the committee of unsecured creditors said they agree with the current case schedule.
Anaheim, California-based Fisker, which had planned to build cars in Delaware, filed for bankruptcy protection last month, ending a long downward spiral after receiving a $529 million loan commitment from the U.S. Department of Energy.
Hybrid Technology LLC is seeking to buy Fisker after paying $25 million for DOE's outstanding loan, resulting in a $139 million loss to federal taxpayers.