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Sep 26, 2012 NEWSwire
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U.S. Gov't Wants Early Repayment of Tesla Loan

Energy Department wants to see accelerated repayment schedule proposal on original 10 year loan by Oct 31, 2012.

Published: 26-Sep-2012

Tesla Motors Inc. (TSLA), the startup electric car-maker that received $465 million in U.S. Energy Department loans, must come up with a speedier repayment schedule after getting a waiver on existing terms.

The Palo Alto, California-based company, led by billionaire Elon Musk, said yesterday in a U.S. regulatory filing (TSLA) that it has until Oct. 31 to submit a proposal for “early repayment” of loan principal to the Energy Department.

Tesla said it received a waiver Sept. 24 from a requirement in the previous loan agreement to maintain a specified current ratio (TSLA) of assets to liabilities, which measures a company’s ability to repay its debts in the next 12 months.

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