Law360, New York (June 3, 2014, 10:11 AM EDT) -- Much has been written about whether Bankruptcy Judge Kevin Gross’s decision in the Fisker Automotive case changed the rules of credit bidding. Our view is that his decision has not.
Recall that in Fisker, Judge Gross of the United States Bankruptcy Court for the District of Delaware capped Hybrid Tech Holdings’ credit bid for Fisker’s hybrid electric vehicle company at $25 million. The judge imposed this cap even though the face amount of Hybrid’s debt was $170 million. Hybrid paid $25 million for the secured debt at an auction conducted by the U.S. Department of Energy two months earlier. Judge Gross...
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