Skip to comments.Hybrid maker Bright Automotive goes bust
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 ...
Not so bright.
You can’t compete with Government Motors Company.
“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!
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”
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!
Begging for corporate welfare.
How many cars have they built?
According to Wiki they applied for a $450 million loan
I don’t think they have actually sold any vehicles.
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.
They loved Obama when they thought they were getting a little something something from his “stash”
If you need a government loan to stay in business, you shouldn’t be in business.
I feel their pain. A multi million dollar loan would’ve kept me afloat too. But alas,....
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.”
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.