Bankrupt Carmaker Fisker Ordered To Hold Auction

Law360, Wilmington (January 10, 2014, 9:19 PM EST) -- A Delaware bankruptcy judge put Fisker Automotive Holdings Inc. on the block Friday, rejecting the electric carmaker's plans for a private sale in favor of an competitive auction championed by unsecured creditors.

At a hearing in Wilmington, U.S. Bankruptcy Judge Kevin Gross refused to bless Fisker's prearranged sale to senior debtholder Hybrid Tech Holdings LLC and heeded instead the committee of unsecured creditors' call for a sale process that would allow Chinese auto giant Wanxiang Group Corp. to press its eleventh-hour bid.

The court's role in...
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