Planet Gore

Fisker Preparing for Bankruptcy

Reuters:

Fisker Automotive, the U.S.-backed maker of luxury plug-in hybrid sports cars, has hired law firm Kirkland & Ellis to advise it on a possible bankruptcy filing, a source said on Thursday, while executives continue their search for a strategic investor.

 The company, based in Anaheim, California, furloughed its U.S. work force this week to preserve cash.

Anup Sathy, a bankruptcy lawyer at Kirkland who handled the Chapter 11 filings of General Growth Properties and Innkeepers USA Trust, is advising Fisker, the source said.

On Wednesday, two sources said the company was considering bankruptcy while it pursued alternatives.

All of the sources declined to be named because the matter is not public.

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