backtop


Print

Fisker woes deepen

Things aren't going well for electric automaker Fisker. The company was expected to file for bankruptcy protection this month and was forced to lay off 75% of its workforce. The unexpected slashing of its workforce led to a suit by former employees. Today we learned that Fisker has failed to make its first $10 million payment to the Energy Department to repay the massive federal loan it was given.

A spokesperson from the Energy Department named Aoife McCarthy said that the federal government earlier this month recouped $21 million of the $192 million it loaned Fisker.

"Given the obvious difficulties the company is facing, we are taking strong and appropriate action on behalf of taxpayers," McCarthy said.

"Using the safeguards we write into our loan agreements, the department stopped disbursing on the loan in June 2011 after the company, taking a significant chunk of taxpayer money with it short of the aggressive milestones that we had established as a condition of the loan," she said. "As a result, while our original loan commitment was for $529 million, only $192 million was actually disbursed."

Fisker’s current and former CEOs are set to testify at House hearing this week about the struggles with the automotive manufacturer. Along with the automotive executives from Fisker, Energy Department supervisory senior investment officer for loans program office, Nicholas Whitcombe, will also be testifying.

The Obama administration approved Fisker for the $529 million federal loan in 2010. The automaker produced only 2,500 of its plug-in hybrid sedans at an estimated cost of $660,000 each when federal and private funds are considered.

Source: Wall Street Journal





"I modded down, down, down, and the flames went higher." -- Sven Olsen






Most Popular ArticlesSuper Hi- Vision Will Amaze the World
January 16, 2017, 9:53 AM
Samsung Chromebook Plus – Coming in February 2017
January 17, 2017, 12:01 AM
Samsung 2017 Handset’s Updates
January 17, 2017, 12:01 AM
Comparison – Surface Pro VS Tbook X5 Pro
January 21, 2017, 7:00 AM
Comparison – iPad Mini Vs Huawei MediaPad M3
January 19, 2017, 2:08 AM

Latest Blog Posts
Apple Watch
Saimin Nidarson - Jan 24, 2017, 6:51 AM
Some new News
Saimin Nidarson - Jan 23, 2017, 8:59 AM
What is new?
Saimin Nidarson - Jan 22, 2017, 7:00 AM
News
Saimin Nidarson - Jan 20, 2017, 7:00 AM
News of the World
Saimin Nidarson - Jan 19, 2017, 7:00 AM
Some tips
Saimin Nidarson - Jan 17, 2017, 12:16 AM
News of the Day
DailyTech Staff - Jan 16, 2017, 12:10 PM
Tech News
Saimin Nidarson - Jan 15, 2017, 12:32 AM
Here is Some News
Saimin Nidarson - Jan 14, 2017, 12:39 AM
News around the world
Saimin Nidarson - Jan 12, 2017, 12:01 AM
Rumors and Announcements
Saimin Nidarson - Jan 11, 2017, 12:01 AM
Some news of Day
Saimin Nidarson - Jan 7, 2017, 12:01 AM
News 2017 CES
Saimin Nidarson - Jan 6, 2017, 12:01 AM






botimage
Copyright 2017 DailyTech LLC. - RSS Feed | Advertise | About Us | Ethics | FAQ | Terms, Conditions & Privacy Information | Kristopher Kubicki