Fisker Hires Law Firm To Prepare For Possible Bankruptcy

[Purveyor]

NEW YORK/DETROIT (Reuters) - Fisker Automotive, the green-car company that has not built a car since July, has hired law firm Kirkland & Ellis to advise it on a possible bankruptcy filing, a person close to the matter said on Thursday.

Kirkland's Anup Sathy, a bankruptcy lawyer who handled the Chapter 11 filings of General Growth Properties and Innkeepers USA Trust, is advising the U.S. automaker, the source said, declining to be named because the matter is not public.

Neither Kirkland & Ellis nor Sathy were immediately available to comment.

Fisker, which furloughed its more than 200 U.S. workers this week to conserve cash, has been exploring bankruptcy as an option while it continues to look for a strategic partner, two other sources briefed on the matter said late on Wednesday.

A Fisker spokesman declined to comment on Thursday.

Next month, Fisker must make a payment on a U.S. Department of Energy loan that was extended to the company in 2009 as part of an Obama administration program to spur advanced vehicle development. Fisker declined to divulge the amount of the loan payment, which is due April 22.

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http://www.chicagotribune.com/classified/automotive/sns-rt-us-autos-fisker-bankruptcybre92r0t9-20130328,0,3154415.story

[frylock]

1. i happened to see a Fisker Karma just the other day..

what a beautiful car. sorry to read this news.

[HughBeaumont]

2. Great cars. Too bad you have to be a millionaire or more to afford one.

Joe and Jane Cubeslave can't exactly buy a car that costs as much as your average starter home.