Tuesday, April 23, 2013

Fisker Automotive Misses Federal Loan Payment

In the latest in the very long running saga of the troubles for Anaheim-based Fisker Automotive, the U.S. Department of Energy reported Monday that the hybrid auto maker failed to make a $10 million payment on a government loan. According to a report from the Los Angeles Times, the payments were due to pay down about $192M borrowed under the DOE's Advanced Technology Vehicles Manufacturing Loan Program. The DOE said last week that it had already recouped $21M in reserve account funds from Fisker Automotive, in anticipation of a sale or bankruptcy. The U.S. government had originally committed $529M to Fisker, but had pulled back in June of 2011 after Fisker failed to meet milestones.

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