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Didn't expect this to happen, hope they make it through.
Th!nk halted production on Monday with hopes to resume normal operations soon after the government loan was approved on Tuesday. Now there’s no telling when or if the plant will begin building cars again. "We are in a very serious situation," said Richard Canny, chief executive officer, in a news conference this morning. He said the company will probably not survive without government intervention.
Th!nk requested an estimated $15 to $30 million bailout. According to the company, those short-term guarantees, plus a temporary work stoppage and a layoff of 50 to 70 percent of the company’s 250 employees, was necessary to keep the business afloat.
Following up on yesterday's news that the Norwegian government does not seem inclined to help electric vehicle manufacturer Th!nk, AutoblogGreen tipster Leif E. sent us a link to E24 that says that one of Norway's richest people, Stein Erik Hagen, has said he's willing to double his investments in the company if other major investors do the same. From the Google translation of the original article, those other investors are divided on whether or not to join Hagen. Leif also noted that the article is misleading when it says that investors want the Norwegian government to buy into Th!nk. Instead, Th!nk is looking for a loan from a private bank with a government guarantee.