WASHINGTON (AP) — The Obama administration says it has seized $21 million from troubled automaker Fisker Automotive Inc., just weeks after the company laid off three-fourths of its workers amid continuing financial and production problems.
Fisker had received $192 million in federal loans before a series of problems led U.S. officials to freeze the loan in 2011.
In a statement Monday, the Energy Department says it recovered money from the company's approximately $21 million reserve account, which was set up as part of the initial loan commitment in 2009.
The DOE awarded the Anaheim, Calif.-based company Fisker a $529 million loan as part of an Obama administration program to boost electric cars and other advanced vehicles. Fisker pledged its assets as collateral on that loan.
A DOE official called the financial seizure appropriate.
Chris Edwards - A Case to Switch from Liberal to Libertarian
Yahoo editor 'pretty sure' Rubio wrong about Roe v. Wade
Ruling In "Assault Weapons" Case Could Gut Gun Control Nationwide
Open thread: Brace for impact. The New Hampshire GOP debate
Winners and Losers from Tonight's ABC Debate | RedState
George Soros: Top 10 Reasons He Is Dangerous | Human Events
America is a Nation Headed For a Fall