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By William Maley Staff Writer - CheersandGears.com May 9, 2013 Another company that was a part of the $25 billion Advanced Technology Vehicle Manufacturing loan program has suspended operations. Vehicle Production Group or VPG Autos has suspended production of their wheelchair-accessible MV-1 van and laid off nearly all of its 100 employees back in February. This news is only coming to light this week thanks to comments by former VPG Autos CEO John Walsh to USA Today. Walsh explained that VPG Autos stopped operations in February because the company's finances dipped below the minimum amount required as a condition of the ATMV loan. The Department of Energy stepped in and froze the assets of VPG Autos, telling the company they needed to raise funds to get back to building vehicles. VPG Autos was unable to pull this off. "They wanted us to get the remaining capital raised, and we couldn't get it done," said Walsh. The Department of Energy and VPG Autos are currently examining all options including selling the company. Source: The Detroit News, USA Today William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. -
By William Maley Staff Writer - CheersandGears.com May 9, 2013 Another company that was a part of the $25 billion Advanced Technology Vehicle Manufacturing loan program has suspended operations. Vehicle Production Group or VPG Autos has suspended production of their wheelchair-accessible MV-1 van and laid off nearly all of its 100 employees back in February. This news is only coming to light this week thanks to comments by former VPG Autos CEO John Walsh to USA Today. Walsh explained that VPG Autos stopped operations in February because the company's finances dipped below the minimum amount required as a condition of the ATMV loan. The Department of Energy stepped in and froze the assets of VPG Autos, telling the company they needed to raise funds to get back to building vehicles. VPG Autos was unable to pull this off. "They wanted us to get the remaining capital raised, and we couldn't get it done," said Walsh. The Department of Energy and VPG Autos are currently examining all options including selling the company. Source: The Detroit News, USA Today William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. View full article
