A judge overseeing Fisker Automotive's bankruptcy case said the automaker could be sold by Jan. 3, according to Bloomberg Businessweek.
U.S. Bankruptcy Judge Kevin Gross approved a faster-than-usual sale for the automaker, which filed for bankruptcy on Nov. 22 in Delaware.
Under Chapter 11 of the U.S. Bankruptcy Code, businesses usually have to try organizing an auction before selling its assets.
"It is unusual to have, obviously, a sale without bidding procedures" and an auction, Gross said, according to Bloomberg.
At the January hearing, Fisker will likely ask Gross to allow the company to exchange the debt it owes for its assets. The automaker will also ask for approval for its liquidation plan, which could eliminate creditor lawsuits.
The U.S. Department of Energy said it will lose approximately $139 million on the loan to Fisker Automotive. The DOE froze payments to the automaker after giving it $192 million.
"(The loss) represents less than 2 percent of our advanced vehicle loans and less than one half of 1 percent of our overall loan program portfolio," said the DOE in a statement.
Safety recalls, a battery supplier going bankrupt and shipments destroyed during Hurricane Sandy all played a role in Fisker's financial troubles, the company said.
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