Fisker founder to appear before Congress for DOE loan testimony

Article by Anita Panait, on April 25, 2013

Fisker Automotive founder Henrik Fisker is set to go before the House Oversight and Government Reform Committee on April 24, 2013, where he is expected to label the troubled carmaker as a victim of "a confluence of events" and as a still-salvageable enterprise, according to Tim Burt, the founder’s personal representative.

Fisker is one of the representatives from the carmaker and the government set to appear before Congress to answer questions concerning $193 million in United States Department of Energy loans provided to the carmaker.

According to Burt, Fisker will say that the carmaker "can survive and move forward if it can secure financial and strategic resources, to build on its achievements so far." Fisker will focus his testimony on events that were out of the carmaker’s control, including adverse publicity regarding its two recalls and suspicious fires.

Burt, managing partner at StockWell Group, remarked that the recalls and suspicious fires were a function of "parts sourced from outside suppliers” and as such, they have nothing to do with the technology. Those adverse events combined with the collapse of key battery supplier A123 Systems, as well as the wipeout of Fisker's port stock of completed cars by Superstorm Sandy "led to a drastic loss of revenue," Burt remarked.

Tony Knight, of crisis communications firm Sitrick and Co., remarked that it is his understanding that current Fisker Automotive chief executive Tony Posawatz will not appear before Congress since he was still not with the carmaker when the DOE loan was offered or drawn down.

Knight disclosed that Fisker co-founder Bernhard Koehler will be its representative. Fisker Automotive has been considered on the verge of filing for bankruptcy, especially after it laid off three-fourths of its workforce on April 5, 2013. Fisker also has been consulting with bankruptcy firm Kirkland & Ellis.

Topics: fisker

If you liked the article, share on:

Comments

Recommended

Are you a big fan of legendary boxer Mike Tyson, the former heavyweight world champion? Or are you a big fan of the iconic Ferrari F50? Either way, you will...
by - February 24, 2017
It seems that AM-RB 001 hypercar is not the only vehicle project that Aston Martin and Red Bull Racing has gone into. This time, don’t expect something as outlandish as...
by - February 24, 2017
The year 2018 marks the golden anniversary of Subaru of America. Of course, the company will celebrate 50 years of being at the helm of the brand’s crusade in North...
by - February 24, 2017
During car crashes and accidents, there are times that its occupants can’t get out easily. There are times when the only way to get out of that situation is to...
by - February 23, 2017
Could this be a special version of Ferrari’s much acclaimed LaFerrari? No matter how we look at it, the patent images for this sports car from Ferrari indicate its striking...
by - February 23, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries