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U.S. Recoups $21 Million from Fisker
The U.S. Dept. of Energy says it has recovered $21 million in cash from ailing Fisker Automotive Inc. as a partial repayment of the $192 million it loaned the maker of hybrid cars between 2009 and June 2011.
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The U.S. Dept. of Energy says it has recovered $21 million in cash from ailing Fisker Automotive Inc. as a partial repayment of the $192 million it loaned the maker of hybrid cars between 2009 and June 2011.
Fisker missed a $20 million loan payment to the DOE on Monday.
The funds recovered on April 11 came from the Anaheim, Calif.-based company's reserve account, which consists of money from sales and investor capital, according to the DOE. It did not elaborate on how it gained access to the cash.
The DOE says it is taking "strong and appropriate action" on behalf of taxpayers, given Fisker's "obvious difficulties." The company has reportedly retained law firm Kirkland & Ellis LLP to prepare a possible bankruptcy filing.
Fisker has been trying unsuccessfully for more than a year to raise funds to restart operations. The company stopped factory retooling and development work on its Atlantic sedan in February 2012 and hasn't built its Karma sport sedan since last summer. Fisker dismissed three-quarters of its employees earlier this month to conserve cash.
Company executives are scheduled to testify on Wednesday before the House Oversight and Government reform subcommittee about the soured DOE loan. Invited speakers also include founder Henrik Fisker, who quit the company last month.
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