Tesla Motors Inc., which received $465 million in U.S. Energy Department loans to develop electric cars, has been told by the agency to devise a speedier repayment schedule after getting a waiver on existing terms.
The Palo Alto, California-based company, led by billionaire Elon Musk, said today in a U.S. regulatory filing that it’s been given until Oct. 31 to submit a plan for “early repayment” of loan principal.
Tesla said it received a waiver from a requirement in the previous loan agreement to maintain a specified current ratio of assets to liabilities, which measures a company’s ability to repay its debts in the next 12 months.
Source: Businessweek. Read full article. (link)