Fisker Misses $10 Million Payment to DOE as Feds Seize Reserve Account
April 23, 2013 9:49 AM
comment(s) - last by
Fisker woes deepen
Things aren't going well for electric automaker Fisker. The company was expected to
file for bankruptcy protection this month
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.
Wall Street Journal
This article is over a month old, voting and posting comments is disabled
RE: Crony Capitalism
Dr of crap
Dr of crap
4/23/2013 12:55:04 PM
Just think of the good things all of the money COULD have done.
Better to invest in the power infracture, high speed internet to everyone, and others rather than loose money on START UPS.
If the company NEEDS that much to get going, maybe the time isn't right for it to start out and ask our govt for a hand out!
WE are in no postion to give out such large sums and not suffer from it. These are not times to loose that much money!
"Death Is Very Likely The Single Best Invention Of Life" -- Steve Jobs
Report: Each Karma Hybrid Sedan Built Cost Fisker $660,000
April 22, 2013, 10:51 AM
Fisker Automotive Expected to File Chapter 11 Bankruptcy This Week
April 10, 2013, 8:52 AM
Fisker Automotive Lays Off 75 Percent of Staff, Catches a Federal Lawsuit
April 8, 2013, 12:17 PM
Dual-Motor Tesla Model S P85D's "Insane Mode" Shocks Passengers
January 28, 2015, 11:18 PM
2016 Cadillac CTS-V Packs 640 hp Punch with 200 mph Reach
January 23, 2015, 3:25 PM
BMW Testing Tech to Allow Users to Auto-Park, Summon Cars Via Smartwatch
December 16, 2014, 9:30 AM
Lamborghini Offers Up $6,000 Leather-Bound Android Smartphone
December 12, 2014, 3:12 PM
Quick Note: GM Teases Next Generation Chevrolet Volt
November 20, 2014, 3:26 PM
Audi is Latest to Step Into the Hydrogen Game, Delivers A7 Sportback h-tron quattro
November 19, 2014, 1:41 PM
Most Popular Articles
Google Steps up Snub of Adobe Flash, Auto-Converting Flash Ads to HTML5
February 25, 2015, 6:16 PM
FCC Bans Data Discrimination, Defies Comcast, Adopting Net Neutrality Regulation
February 26, 2015, 4:03 PM
Windows 10 Adds USB 3.1 for Dual-Role Peripherals, External Display Support
February 27, 2015, 11:39 AM
StarDock Unveils Start10 Start Menu Replacement for Windows 10
February 25, 2015, 11:24 AM
Google Preps Pixel 2 ChromeBook, New X Server Replacement "Freon"
February 24, 2015, 11:12 PM
Latest Blog Posts
Sceptre Airs 27", 120 Hz. 1080p Monitor/HDTV w/ 5 ms Response Time for $220
Dec 3, 2014, 10:32 PM
Costco Gives Employees Thanksgiving Off; Wal-Mart Leads "Black Thursday" Charge
Oct 29, 2014, 9:57 PM
"Bear Selfies" Fad Could Turn Deadly, Warn Nevada Wildlife Officials
Oct 28, 2014, 12:00 PM
The Surface Mini That Was Never Released Gets "Hands On" Treatment
Sep 26, 2014, 8:22 AM
ISIS Imposes Ban on Teaching Evolution in Iraq
Sep 17, 2014, 5:22 PM
More Blog Posts
Copyright 2015 DailyTech LLC. -
Terms, Conditions & Privacy Information