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Fisker Automotive heads to the dead pool

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Fisker Automotive, who makes upscale plug-in hybrids, fired 75% of its staff yesterday. They have a $10 million loan payment due to DOE this month with no apparent clue how they will pay it. In total, they’ve gotten a $529 million DOE loan and $1.2 billion in private equity and it does look like all of that will be incinerated.

Expect comparisons of Fisker to Solyndra, and they may well be justified, especially if private money gets priority over government loans, as happened with Solyndra.

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