U.S. Hires Adviser to Monitor Fisker’s Fundraising

The U.S. Dept. of Energy, which has loaned $193 million to Fisker Automotive Inc., has hired a restructuring firm to scrutinize the hybrid car maker's efforts to raise fresh capital, Bloomberg News reports, citing unidentified sources.

The DOE says only that it hired Los Angeles-based Houlihan Lokey last October to provide advice on a number of projects funded by government loans.

The government approved a $529 million loan to Fisker in 2009 under a program to support the development and manufacturing of fuel-efficient vehicles. The company used the first loan installment to complete development of the $103,000 Karma hybrid sedan and begin preparing a factory in Wilmington, Del., to produce the upcoming Atlantic midsize hybrid.

But Fisker halted work in Delaware in February when the DOE froze the loan after the company missed sales and product development deadlines. Fisker is trying to attract private capital to resume work at the Delaware facility and has raised more than $392 million so far this year.