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Hybrid maker Bright Automotive goes bust
CNNMoney ^ | February 29, 2012 | James O'Toole

Posted on 02/29/2012 3:27:33 PM PST by mdittmar

NEW YORK (CNNMoney) -- Hybrid vehicle maker Bright Automotive has announced plans to close, blasting the Department of Energy for failing to finalize a loan that the firm says would have kept it afloat.

In a letter dated Tuesday to Energy Secretary Steven Chu, Bright CEO Reuben Munger and COO Mike Donoughe said they were withdrawing their application for a $314 million loan and winding down their operations. The executives claimed they had been strung along for the past few years as the government insisted on increasingly stringent loan requirements.

"The actions -- or better said 'lack of action' -- by your team means hundreds of great manufacturing and technical jobs ... and thousands of indirect jobs in Indiana and Michigan will not see the light of day," the letter said.

(Excerpt) Read more at money.cnn.com ...


TOPICS: Business/Economy; Constitution/Conservatism; News/Current Events
KEYWORDS: brightautomotive; cars; chu; doe; green; greenauto; greenenergy; greenpower; hybrids; loans; mikedonoughe; obamanomics; reubenmunger; solyndra; stevenchu
I love Election years;)
1 posted on 02/29/2012 3:27:37 PM PST by mdittmar
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To: mdittmar

Not so bright.


2 posted on 02/29/2012 3:32:32 PM PST by Henry Hnyellar
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To: mdittmar

You can’t compete with Government Motors Company.


3 posted on 02/29/2012 3:33:12 PM PST by boomop1 (term limits is the only way to save this country.)
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To: mdittmar
When my cat throws up a hair ball, it looks just like this vehicle. What an ugly mess.


4 posted on 02/29/2012 3:33:55 PM PST by Lazlo in PA (Now living in a newly minted Red State.)
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To: mdittmar

“blasting the Department of Energy for failing to finalize a loan that the firm says would have kept it afloat.”

“kept it afloat” so that more money could have been wasted, and it could have failed later!


5 posted on 02/29/2012 3:34:19 PM PST by Dr. Bogus Pachysandra ( Ya can't pick up a turd by the clean end!)
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To: mdittmar

They must have forgotten the most important part

They were supposed to go to the White House with their checkbook and say “Hey, let’s be friends”


6 posted on 02/29/2012 3:34:41 PM PST by Mr. K (Were the Soviet-Era propogandists as gleefully willing as our Lame-stream Media?)
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To: mdittmar

Bush’s fault.


7 posted on 02/29/2012 3:36:24 PM PST by Mikey_1962 (Obama: The Affirmative Action President.)
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To: mdittmar
another green Odumbo failure
8 posted on 02/29/2012 3:37:22 PM PST by Doogle (((USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated)))
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To: mdittmar

Looks like Obama’s Energy Dept. is getting a little bit reluctant to continue reinforcing failure of these Green Start-ups in an election year. But if he should get re-elected, look-out!


9 posted on 02/29/2012 3:39:32 PM PST by Tallguy (It's all 'Fun and Games' until somebody loses an eye!)
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To: mdittmar

Begging for corporate welfare.

How many cars have they built?


10 posted on 02/29/2012 3:39:44 PM PST by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: mdittmar

According to Wiki they applied for a $450 million loan

I don’t think they have actually sold any vehicles.


11 posted on 02/29/2012 3:41:57 PM PST by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: GeronL

Looking at their webpage, the domos are mostly ex-Chrysler folks with a venture cap guy at the top.

One of their mistakes is locating in a red state - Indiana.

Fisker and Tesla have had much better luck in suckling at the govt teat by locating in Calif and Delaware - blue bastions.


12 posted on 02/29/2012 3:49:03 PM PST by nascarnation (DEFEAT BARAQ 2012 DEPORT BARAQ 2013)
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To: mdittmar

Related...

http://www.exposingtheleft.blogspot.com/2012/02/bright-latest-indiana-electric-vehicle.html


13 posted on 02/29/2012 3:49:04 PM PST by traderrob6
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To: GeronL
I find it odd that just one month ago,Bright Automotive loved obama?

Midwest Hybrid Electric Vehicle Manufacturer Says It's Ready to Fulfill President Obama's State of the Union Blueprint for U.S. Jobs and Alternative Energy Technology Leadership

14 posted on 02/29/2012 3:50:22 PM PST by mdittmar
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To: mdittmar
OT but related . . .the unemployment figures ought to challenge this administrations claims of recovery this month, given Bright Automotive's shutdown as well as
15 posted on 02/29/2012 3:50:39 PM PST by wtd
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To: mdittmar

Related...

http://www.exposingtheleft.blogspot.com/2012/02/bright-latest-indiana-electric-vehicle.html


16 posted on 02/29/2012 4:03:32 PM PST by traderrob6
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To: mdittmar

They loved Obama when they thought they were getting a little something something from his “stash”


17 posted on 02/29/2012 4:09:45 PM PST by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: mdittmar

If you need a government loan to stay in business, you shouldn’t be in business.


18 posted on 02/29/2012 4:14:27 PM PST by stop_fascism (If a guy lies about his first name, what won't he lie about?)
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To: mdittmar

I feel their pain. A multi million dollar loan would’ve kept me afloat too. But alas,....


19 posted on 02/29/2012 4:31:27 PM PST by count-your-change (You don't have to be brilliant, not being stupid is enough.)
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To: mdittmar

If they are so great, why didn’t they get loans from investors and keep their paws out of our treasury?

Probably because they are not so great. The US taxpayer has been stiffed quite enough by the Federal government’s “capitalists.”


20 posted on 02/29/2012 5:51:04 PM PST by SaraJohnson
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To: mdittmar

If they are so great, why didn’t they get loans from investors and keep their paws out of our treasury?

Probably because they are not so great. The US taxpayer has been stiffed quite enough by the Federal government’s “capitalists.”


21 posted on 02/29/2012 5:52:18 PM PST by SaraJohnson
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