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Energy Dept. seizes $21M from electric car maker

Published on NewsOK Modified: April 22, 2013 at 8:21 pm •  Published: April 22, 2013

"While this is a hard time for the company's employees and investors, our overall portfolio of more than 30 projects continues to perform well and more than 90 percent of the $10 billion loan loss reserves Congress established remains intact," McCarthy said.

The Energy Department has been criticized for failing to protect taxpayers from a failed $529 million loan to solar panel Solyndra, which went bankrupt in 2011 and laid off 1,100 workers.

Fisker, maker of the $100,000-plus Karma hybrid sports car, has not built a vehicle since last summer and has failed to secure a buyer as its cash reserves have dwindled.

A company spokesman declined to comment Monday.


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