Via Daily Caller:
The green automaker Fisker Automotive filed for bankruptcy last week as the Obama administration sold off the financially troubled firm’s loan guarantee for a $139 million loss.
This may not be the end for Fisker, though, as the bankruptcy filing was done with plans to be acquired by the same Chinese group that also bought the company’s loan from the Obama administration.
Last week, the government sold its $192 million Fisker loan to the newly formed Hybrid Technology — a group formed by Chinese billionaire Richard Li — for $25 million. After taking into account what the government was able to recover from Fisker, taxpayers were left with a $139 million bill for the failed automaker.