The US Energy Department (DOE) will sell a $192 million loan made to struggling California-based electric car maker Fisker Automotive Inc., according to a news report by The Associated Press.
The sale is expected to be held in October 2013.
Fisker was offered a half-billion-dollar loan guarantee in 2009 as part of the Obama administration’s program to promote green energy. The company had received $192 million before the loan was frozen.
The administration suspended the loan in 2011 after the car maker failed to meet a series of DOE benchmarks. The company has not produced a vehicle in more than a year and has laid off three-fourths of its workers.
DOE has recovered about $28 million and the auction will allow the government to collect as much of the remaining $164 million as possible.
Source: The Associated Press via Detroit Free Press
