Then again it’s only taxpayer money.
Via Washington Examiner:
Fisker Automotive laid off three quarters of its staff today to avoid bankruptcy while it seeks an angel with big bucks to help it become operational again.
The maker of the luxury hybrid Karma says it has “at least” $30 million in cash, and $15 million more due after settling a claim this week with its bankrupt battery maker A123 Systems, according toReuters.
But the company owes $192 million on a $193 million Department of Energy “green” loan. It was supposed to receive $529 million, but the DOE declined to pay the full amount in May 2011 after Fisker fell behind on its targets. Executives who kept their jobs are trying to renegotiate a $10 million loan payment due on April 22.
The auto maker’s public relations team was part of the layoffs, but an outside PR firm said in a statement Fisker is still seeking a “buyer or strategic partnership” but couldn’t afford to keep on the majority of its workforce, according to Fox News.