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lone secured lender Heights Capital ManagementTechCrunch
•75% Informative
Fisker reached an agreement with Heights Capital Management to spend the next three weeks hammering out a settlement on how to liquidate its assets.
If successful, the case could remain in Chapter 11 , but if not, it would convert to Chapter 7 .
Heights claims to still be owed more than $180 million .
The Department of Justice had objected to Heights ' attempt to convert the case.
The differing sides will spend the next few weeks trying to work out how to split up the proceeds from the fleet sale.
Heights said in a filing over the weekend that as much as 90% of that could go to covering administrative costs and legal fees.
Fisker 's Austrian subsidiary is in its own insolvency process and it’s unclear if any assets overseas will wind up locked to that proceeding.
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