A Michigan maker of vans for the disabled that received a $50-million Energy Department loan has quietly ceased operation and laid off its staff.
Vehicle Production Group, or VPG, stopped operations after finances dipped below the minimum threshold required by the government as a condition of the loan, says its former CEO, John Walsh. Though about 100 staff were laid off and its offices shuttered, it has not filed for bankruptcy reorganization.
VPG, of Allen Park, Mich., received its Energy Department loan under the same clean-energy programs under fire by House Republicans, especially the $527 million to troubled plug-in hybrid car maker Fisker Automotive and $535 million to solar startup Solyndra, which filed for bankruptcy reorganization…
Sweetness & Light
Another accomplishment for Obama. Although I like the idea of vans for the disabled, this is just another poorly thought out plan which went belly up.