Fisker Automotive Holdings Inc. looked to convince a bankruptcy judge yesterday that its chapter 11 should proceed at a rapid pace, Reuters reported yesterday. Bankruptcy Judge Kevin Gross began yesterday's hearing by suggesting that the company should slow down its plan to sell its assets to Hong Kong tycoon Richard Li and give creditors four more weeks to get a handle on the situation. "I'm not sure why another few weeks relatively speaking would harm this process," Judge Gross said. "It would allow time for the creditors' committee to continue and complete its investigations." Fisker filed for bankruptcy on Nov. 22 and a creditors' committee was formed only on Thursday. The company has not produced a car in almost 18 months and the judge said that there was no business that needed to be rescued through the breathing space of bankruptcy. Judge Gross gave his approval during the hearing yesterday to a provisional disclosure statement explaining Fisker's repayment plan, which will be sent to creditors to guide their vote. Gross scheduled a hearing for Jan. 3 at which he will decide if the plan of reorganization should be approved by the court, and also to approve the sale of the company's assets.
