Fisker Bankruptcy Costs Delaware Taxpayers $7.4 Million

Dec 4, 2013

Credit Fisker logo

Fisker Automotive’s failed Boxwood Road plant has cost Delaware taxpayers $7.4 million.

The plug-in hybrid automaker wanted to reopen the former General Motors facility with the federal and state financial assistance.

The state’s economic development director Alan Levin said that Delaware put up $5 million for Fisker’s electricity bill and $2.4 million for the company’s natural gas service.

There’s $1.5 million left in the utilities funds although the last two months have not been counted up.

The state had offered a total $21.5 million incentive package for Fisker.

But last month the company declared bankruptcy with Hybrid Technology LLC is seeking to acquire the company’s assets.

The Wilmington News Journal reports that Hybrid Tech currently holds the first lien on nearly all of the company’s assets after putting in the winning bid to buy Fisker at a large discount.

The automaker is carrying $168 million in bad federal loans.