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DOE Seeks Bidders for Fisker Loan
The U.S. Dept. of Energy says it will attempt in October to auction off the balance on its $528 million loan to failed Fisker Automotive Inc.
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The U.S. Dept. of Energy says it will attempt in October to auction off the balance on its $528 million loan to failed Fisker Automotive Inc.
The Anaheim, Calif.-based maker of the $100,000 Karma plug-in electric coupe was awarded the loan in 2009 through DOE's Advanced Technology Vehicles Manufacturing loan program.
Fisker drew down $192 million before defaulting on payments. DOE froze the loan in June 2011, and Fisker halted production about a year later.
The company, which produced about 2,500 Karmas, has since dismissed most of its employees. Attempts to find an investor or buyer failed.
DOE says it has recouped $28 million from Fisker. The department will take bids on the carmaker's remaining loan obligation by Oct. 7. All bids must include a business plan that promotes U.S. manufacturing and related engineering for advanced-technology vehicles, according to the agency.
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