* Fisker: move necessary to "maximize value of core assets"
* Raised $1.2 bln from investors, but cash has dwindled to $30 mln
* Fisker has not made a car since last July
By Deepa Seetharaman
DETROIT, April 5 (Reuters) - Fisker Automotive, the struggling, government-backed hybrid sports car maker, said on Friday that it terminated most of its rank-and-file employees, in what sources said was a last-ditch effort to conserve cash and stave off a potential bankruptcy filing.
Fisker, which raised $1.2 billion from investors and tapped nearly $200 million in government loans, has "at least" $30 million in cash, according to a source familiar with the company's finances. This does not include $15 million Fisker will receive after settling a claim this week with its bankrupt battery maker, the source said.
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2 comments:
Fisker Automotive - another "GREEN" company that the far left (read Obama administration) championed as the savior of the world (see Solindra). These companies exist to receive grants, loans and stimulus checks so that the founders can take tens of millions of dollars for themselves and then claim bankruptcy. Brilliant plan, thanks .
Way to go Obama. Another bankrupt company you gave my tax money to. Thanks a lot LIAR!
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