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Last updated: April 22. 2013 7:36PM - 444 Views
Associated Press



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(AP) The Obama administration says it has seized $21 million from troubled automaker Fisker Automotive Inc., just weeks after the company laid off three-fourths of its workers amid continuing financial and production problems.


Fisker had received $192 million in federal loans before a series of problems led U.S. officials to freeze the loan in 2011.


In a statement Monday, the Energy Department says it recovered money from the company's approximately $21 million reserve account, which was set up as part of the initial loan commitment in 2009.


The DOE awarded the Anaheim, Calif.-based company Fisker a $529 million loan as part of an Obama administration program to boost electric cars and other advanced vehicles. Fisker pledged its assets as collateral on that loan.


A DOE official called the financial seizure appropriate.


Associated Press
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