Fisker Automotive has apparently shut down their press and consumer websites ahead of a U.S. House Oversight and Government Reform committee meeting to examine the $529 (€407) million loan that was given to them by the U.S. Department of Energy.
Former CEO Henrik Fisker is expected to testify the company can be successful if it is able to find the right "financial and strategic resources." The executive is also expected to blame the company's problems on a "a confluence of events" that include two fire related recalls, the bankruptcy of battery supplier A123 Systems and the destruction of several Karmas at a New Jersey port during Superstorm Sandy.
Fisker failed to make a loan repayment on Monday, but the government announced they seized $21 (€16) million from a reserve account on April 11th. Fisker received a total of $192 (€147) million in loans from the U.S. government before the Department of Energy froze their credit line in June 2011 over missed milestones that were part of the loan agreement.