After reaching an agreement with unsecured creditors, Fisker Automotive Inc. will move forward with its bankruptcy-exit plan today, when it will ask the court to approve its disclosure statement, the Wall Street Journal reported on Saturday. The agreement with creditors, reached earlier this week on the terms of a cash-sharing plan, headed off the threat of a major clash during the hearing. An approval from Bankruptcy Judge Kevin Gross would allow Fisker to begin soliciting votes on the plan from creditors ahead of requesting final exit-plan approval. China’s Wanxiang Group bought the former hybrid auto maker during a bankruptcy auction, leaving $149.2 million in cash and stock to be distributed among Fisker creditors. Fisker’s creditors have agreed to support the plan, but it still faces a challenge from a former company backer, which says the bankruptcy voting scheme plan could improperly shield former leaders from an ongoing federal court lawsuit over the auto maker’s failure.
