Fisker Asks For More Time With A123

Fisker is asking a bankruptcy judge to delay an asset sale related to beleaguered battery maker A123 Systems. Bloomberg reports that Fisker filed an "emergency motion" to challenge the proceedings. A proposed asset sale would see Johnson Controls Inc. purchase the automotive assets of A123, including plants in Michigan and China, with JCI also looking to acquire further assets. According to court papers filed in Delaware , Gregg Galardi, an attorney for Fisker claimed that "A hurried sale process will be damaging to the estates and deprive creditors of value that may be realized through higher and better offers…The best interests of the estates, however, are not well served through a hasty and unfair sale process designed to ensure that JCI is the ultimate purchaser." Other parties, including the University of Montreal and Massachusetts Clean Energy Technology Center (which was created under 2008′s Green Jobs Act and loaned money to Fisker) filed separate objections to the asset sale. from The Truth About Cars http://www.thetruthaboutcars.com

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