The sale of electric car maker Fisker Automotive continues to grab headlines after the company's creditors decided to oppose the sale of the company's assets to Hybrid Tech Holdings LLC.
Creditors want a competitive bidding process and filed a proposal in the US Bankruptcy Court in Wilmington, Delaware. It outlines a sales procedure with Wanxiang America Corporation: with the lead bid at $25.7million, plus assumed liabilities.
In the filing, the committee outlined that the debtors are looking to rush through a sale at "lighting speed" and that process "precludes any competitive offer".
Fisker filed a liquidation plan in US Bankruptcy Court in December ahead of a sale of its assets scheduled for January 3. It listed assets of $500million and a debt as high as $1billion.
Meanwhile, the Anaheim-based firm has suggested the fast pace of the case is the result of an "extensive" marketing effort.
The latest news follows Henrik Fisker, the company's founder, and its former directors, being sued by Atlas Capital Management LP for $2million in losses as a result of the company's collapse. It is implied that Fisker misled investors about the financial health of the company and did not disclose the problems with a government loan while also keeping a 2011 safety recall, secret.
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