The U.S. Department of Energy will auction next month a green technology loan made to Fisker Automotive, a move that may allow the struggling company to mount a comeback under a new owner.
Fisker, which has not built a vehicle in more than a year, now owes $168 million to the DOE. The auction is scheduled for October 11 with bids due on October 7, according to a notice posted on Tuesday on govsales.gov, which tracks government asset sales.
The auction comes about a month after the DOE put its $50 million green-energy loan to the Vehicle Production Group LLC on the block. The loan was later sold for $3 million.
"After exhausting any realistic possibility for a sale that might have protected our entire investment, the department announced today that we are auctioning the remainder of Fisker's loan obligation, offering the best possible recovery for the taxpayer," said Peter Davidson, executive director of the DOE's loan program office, in a blog post.Another great investment paid for by the US taxpayer. See also the "list of 38."