DoE Gets Some Money Out Of Fisker
Published: April 23rd, 2013
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The U.S. government has managed to recover $21 million in cash from Fisker, funds that will go towards repaying the nearly $200 million its received from the government in the form of loans.
Automotive News reports that the funds came from sales and private investment, rather than unused loan money. Reports say that Fisker’s emergency fund was tapped to obtain the cash. Fisker’s first payment for the loan was due on Monday, though the Department of Energy didn’t say whether the funds helped satisfy that requirement.
More by Derek Kreindler
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Slightly OT but to balance out all the fisker/a123 failure stories, can TTAC provide some coverage of auto loan/advanced tech loans that aren't a disaster? Supposedly only 8% of gov tech loans have defaulted (source: daily show fwiw). Is that true? If so where are all the government supported companies that are developing cool stuff?
This was the payment that was due yesterday, as I mentioned in the prior Fisker thread: http://www.thetruthaboutcars.com/2013/04/vc-firms-expected-to-take-a-billion-dollar-bath-on-fisker/#comment-2038180 This means that they haven't defaulted on any payments yet, even though they are in default overall on the agreement for not hitting certain milestones and meeting certain commitments. (by the way, it's not unheard of for financiers in the venture capital field to waive technical defaults if the company has a plausible plan to fix them) "Supposedly only 8% of gov tech loans have defaulted" I don't remember what the percentage is, but they had planned for 12.85% nonperforming, and right now it doesn't look like they'll get to that amount, as I mentioned in another Fisker thread: http://www.thetruthaboutcars.com/2013/04/fisker-how-to-light-529-million-on-fire/#comment-2031588