If struggling Fisker Automotive fails to build the delayed suburban Wilmington, Del. electric-car plant it promised in 2009 by a 2015 deadline, "Delaware must wait in line" to "recoup" $21.5 million in grant and no-interest loan money "behind the $200 million Fisker would owe the federal government and millions more that it would have to pay Silicon Valley Bank in California," reports the Wilmington, Del. News Journal here.
Fisker is looking for other partners after the federal government declined to release the rest of the $500 million plus promised four years ago.
"The Delaware incentive agreement contains so-called 'claw back' provisions that allow the state to seek repayment of $21.5 million in a grant and a no-interest loan if Fisker does not create jobs promised by March 2015," the News Journal reports.