POLITICS

House panel sets hearing on failing Fisker’s green loan

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Politics,Beltway Confidential,Michal Conger

A Department of Energy loan given to struggling hybrid car maker Fisker Automotive will come under scrutiny at a hearing by a House Oversight and Government Reform subcommittee later this month.

Co-founder Henrik Fisker, CEO Tony Posawatz and COO Bernhard Koehler have been asked to testify at an April 24 hearing.

“The hearing will examine taxpayer support offered to Fisker Automotive, including the loan guarantee Fisker received from the U.S. Department of Energy,” according to hearing documents obtained by The Washington Examiner.

David Frantz, who heads the Department of Energy’s loan programs office, and Lachlan Seward, former director of the Advanced Technology Vehicles Manufacturing Loan Program, have also been asked to testify.

Fisker owes $192 million on a $193 million Department of Energy “green” loan it received under the ATVM program. It was originally slated to receive $529 million, but DOE declined to pay the full amount in May 2011 after the company fell behind on its financial targets. It faces a payment deadline on that loan just days before the hearing.

Fisker stopped production of its luxury Karma hybrid in July 2012 and is expected to file for bankruptcy as early as this week. The company laid off three-quarters of its workforce on Friday.

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