Fisker Edges Closer to Bankruptcy as New Details Emerge

The travails continue for Anaheim, Calif.-based Fisker. Executives at the struggling plug-in-vehicle maker met with Congress Wednesday, and new details emerged on Fisker's government dealings. It goes like this. The U.S. Department of Energy approved $529 million in low-interest loans to Fisker in 2010 as part of its $25 billion Advanced Technology Vehicles Manufacturing program, which met political fire and ceased loans to any companies in 2011. But now the Detroit News reports Fisker received $32 million in program loans in February 2011 under the notion — as required by the DOE — that it had begun to build the Karma plug-in sedan. Karma production did not, in fact, begin until months later. The federal government found out, and in June 2011, after receiving $192 million of the $529 million awarded, Fisker lost its D.C. sugar daddy. read more at:http://blogs.cars.com/kickingtires/2013/04/fisker-post.html