Green Car Company Teetering on Bankruptcy ($529 million gov't loan)

As a major financial deadline looms, a green car company that was approved for a $529 million loan from the U.S. Energy Department is keeping quiet about whether it could be headed towards a Solyndra-like collapse, following reports the company may be preparing for bankruptcy. "We are not offering any official comment on the speculation around bankruptcy at this stage," Roger Ormisher, a spokesperson for the electric car company Fisker Automotive, told ABC News recently. Ormisher was responding to questions about reports last week that Fisker had hired a prominent law firm to advise it on possible bankruptcy proceedings. The Anaheim, Calif.-based company recently disclosed that it had furloughed non-essential U.S. workers in March, a move made as the company is "in the process of identifying a strategic partner... [but] continuing to manage its day-to-day operations," Ormisher said. Fisker Automotive entered the electric car market with hefty support from the U.S. Energy Department and backing from such celebs as Justin Bieber and Leonardo DiCaprio, but the company and its high-priced Fisker Karma have continued to skid financially. If the California-based luxury carmaker goes bust, it will be the most high profile failure of an alternative energy firm backed by the Obama administration since the solar company Solyndra filed for bankruptcy in 2011...more