May 22

Tesla Motors repays Department of Energy loan nine years early

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With a wire transfer of $451.8 million, Elon Musk has finally made good on his promise to repay the hefty loan Tesla received from the Department of Energy well ahead of its 2022 due date, beating even Musk’s own five-year estimate. This comes on the heels of a very profitable first quarter, and is yet another sign the electric car maker is doing quite well on the greener side of things, despite a touch of bad press earlier this year. For more on what Tesla has to say about this milestone, check the press release after the break.

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Apr 22

Department of Energy seizes $21 million reserve account from Fisker

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Department of Energy seizes $21 million reserve account from Fisker

Fisker just can’t catch a break. As if enduring the layoffs of three out of every four employees and the resignation of its founder wasn’t unsettling enough, it’s now come to light that the Department of Energy recently confiscated the company’s $21 million reserve account in an attempt to recoup some of the government’s loan. Fisker’s first payment on the $192 million federal loan was due Monday, but the Energy Department revealed that it actually took the money 12 days beforehand, simply due to the company’s high risk of default — a move it characterized as an “appropriate action on behalf of taxpayers.” If you’re thinking the writing’s now on the wall, you’re correct… the WSJ reports that Fisker has hired a bankruptcy attorney, and the company admits that it’s actively in search of a new owner. Will luck swing in Fisker’s favor next time around? Place your bets.

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Via: TNW

Source: WSJ

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Sep 27

Sharp takes out $4.6 billion loan while it continues restructuring

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Much of the business news out of Japan from Sharp hasn’t been good, but for now at least it’s worked out a loan agreement to keep rolling. It’s still pursuing a deal with manufacturer Hon Hai Precision Industry / Foxconn that would provide a much-needed injection of capital, but those talks have reportedly stalled. Until something happens there it has a 360 billion yen ($4.6 billion) syndicated loan worked out with a couple of Japanese banks that runs until June 30th 2013. We’re still not sure how Sharp will proceed with all this, but hopefully an agreement can be reached that brings its sweet IGZO LCD tech and any other new screens it will be showing off at CEATEC next week to more devices.

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Sharp takes out $4.6 billion loan while it continues restructuring originally appeared on Engadget on Fri, 28 Sep 2012 01:14:00 EDT. Please see our terms for use of feeds.

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