Fisker Automotive yanks website as Henrik Fisker testifies before U.S. Congress

2012 Fisker Karma plug-in hybrid - 22.3.2011
2012 Fisker Karma plug-in hybrid - 22.3.2011

Bankruptcy could be imminent

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.

Published Apr 24th, 2013 9:20pm By Michael Gauthier
Posted in:

Related Articles

Add comment

subscribe to comments
comment rules Add comment

Comments (3)

EuropeanHeritage EuropeanHeritage
I'm sure I'm not the only one who wanted to see Fisker succeed. A huge conglomerate will pick up the scraps of tech, the only equity the company could offer after it's death. Man this is sad, I hope Henrik makes a comeback, great man fueled by ambition.
Apr 24th, 2013 11:23pm
2 1
I am with you on this all the way... I pray they succeed
Apr 25th, 2013 3:20pm
0 0
benz_man benz_man
Womp womp...
Apr 24th, 2013 9:51pm
2 2