Following Fisker, Your Credit Bid Rights May Be Impaired
Law360, New York (April 24, 2014, 10:11 AM EDT) -- Fisker Automotive Holdings Inc. filed for bankruptcy in November 2013 hoping to have a preplanned sale of substantially all its assets to its principal secured lender, Hybrid Tech Holdings LLC, approved within just two short months. The asset purchase agreement provided that Hybrid would credit bid $75 million to purchase substantially all the debtor's assets in a private sale. The Official Committee of Unsecured Creditors opposed the private sale to Hybrid. The committee instead secured an alternative bidder, Wanxiang America Corporation, and proposed an open auction. Both the committee and the debtor questioned the extent and validity of Hybrid's secured claim....
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