Feds hire adviser to take look at Fisker's financials

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Bloomberg Business Week reports that  the U.S. Department of Energy has hired an adviser  to look at the financial situation at Fisker Automotive.

This comes after the department refused to pay remaining funding that would be used to renovate at General Motors plant near Wilmington. That plant would build the mid-sized Fisker Atlantic plug-in hybrid automobile. Fisker has not met targets for its flagship Karma automobile, leading to the suspension of the loan

Fisker, which has raised $1 billion in private funds, has not ruled out walking away from the Delaware plant and building the Atlantic elsewhere.

That would trigger provisions that would force Fisker to pay back the portion of the federal loan it has received and a state of Delaware financial package.

The loan has become an election issue, with Presidential candidate Mitt Romney and two U.S. Senators criticizing the Obama administration. One of the founders of the company blamed election year politics for the failure to get the proceeds from the loan.

CLICK HERE for a link to the Bloomberg Business Week story.

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