bankruptcy

This morning, Fisker laid off all of its communications staff and most of the rest of its labor force. Far from the beginning of the end, the news today comes as the final flameout for a company that has been reduced to smoldering wreckage for some time now. That's meant both figuratively and...

In February, we heard the sad news that Irwindale Speedway was closing its doors and canceling all events for the remainder of 2012 due to the bankruptcy of its operator, Irwindale Speedway LLC. Following the original announcement, Irwindale Speedway’s owner, Nu-Way Industries, announced it...

In the 2009 horror-comedy motion picture Zombieland, actor Woody Harrelson’s character wanders a ruined America, in search of the last remaining Hostess Twinkie cream-filled sponge cake in existence. It’s a noble quest, one that’s about to be mirrored by Saab aficionados...

In August, we heard the sad news that Germany’s Gumpert Sportwagenmanufaktur, maker of the legendary Apollo line of supercars, was forced to start insolvency proceedings following a failed deal to market its cars in China. At the time of the announcement, the administrator overseeing the...

This year has not been kind to sports car or race car manufacturers. In August, boutique German sports car builder Melkus announced it was filing for bankruptcy, followed a week later by word that supercar specialist Gumpert was also insolvent. In October, we learned that niche sports car...

Production at niche sports car manufacturer Artega, based in Delbrück, Germany, has come to an end, with the company stating on its website that the last of its Henrik Fisker-designed GT sports cars rolled off the line on September 30. Artega filed for bankruptcy protection in July of this...

Following its announcement in June to acquire the remaining assets of bankrupt Swedish automaker Saab, as well as the assets of subsidiary firms Saab Powertrain and Saab Tools, National Electric Vehicle Sweden (NEVS) has confirmed today it has finalized the acquisition process. One key asset NEVS...

Just when it looked like the bankruptcies and bottoms-dropping-out of the car industry were behind us, Gumpert announces that it has applied for insolvency proceedings in its home country. Why? Because it failed to meet its plans to deliver its offbeat supercars to expected Chinese-market buyers...

As recently as March of this year German sports car manufacturer Melkus was making headlines with new model introductions, however, things have turned sour since then and now Melkus is making headlines once again, this time due to the company recently filing for bankruptcy with a court in Dresden...

When the Nürburgring was forced into bankruptcy last month, the future of the storied racetrack looked bleak, at best. No one knew what would happen to the circuit, whose operators (Nürburgring GmbH) found themselves some $490 million in debt to a Rhineland-Palatinate bank. Now comes word...

The saga of the financial debacle surrounding Germany’s storied Nürburgring circuit has been been going on for years. In 2010, it was made (very) public by ‘Ring Meister Sabine Schmitz, working on behalf of a group called “Save The Ring.” While the group has been...

Just days after news that Italian automaker DeTomaso had filed for bankruptcy comes word that its chairman, Gian Mario Rossignolo, was arrested on allegations that some $9.2 million in public funds were used inappropriately in a botched turnaround effort. Rossignolo purchased the rights to the De...

Despite the grand visions of its latest owner, former Fiat executive Gian Mario Rossignolo, legendary Italian sports car brand De Tomaso has announced it has filed for bankruptcy. The announcement comes after a long period of uncertainty and a failed attempt to secure a Chinese buyer for the...

It’s a sad day for sports car fans, with news coming out today that German firm Artega, manufacturer of the Henrik Fisker-designed GT sports car, has filed for bankruptcy. The small scale manufacturer, based in Delbrück, stated that it has become insolvent and that it is seeking to find...

Earlier this month it was revealed the remnants of bankrupt Swedish automaker Saab would be sold to National Electric Vehicle Sweden AB (NEVS), a consortium made up of Chinese and Japanese interests that is focused on the development of new Saab-based electric cars. It has since been revealed that...

Saab is dead; long live Saab. If that sounds contradictory, it isn’t, since the quirky-but-competent brand most of us have come to know and love is gone. The Phoenix (no pun intended) that will rise from the ashes is an entirely new entity, purchased by National Electric Vehicle Sweden AB...

While automaker Saab and its North American arm Saab Cars North America may be bankrupt, the legacy of the Swedish brand lives on in the thousands of Saab cars scattered all over the world. To ensure owners, some of which may have only purchased their Saabs this year, are looked after, a separate...

Despite Saab having several suitors interested in purchasing the brand, paying off its debts and restarting production, no deal could ever be finalized and the automaker finally declared bankruptcy last December. The reason no deal could be finalized was because of GM’s refusal to allow any...

British engineering firm and race car constructor Lola, established in 1958 and based in Huntingdon, England, has announced today that it is suffering from severe cashflow problems and has appointed an administrator. The company, which includes a separate composites division and also works with...

Last week we brought you details about a plan to save what could potentially be the last Saab 9-3 ever built. The plan, organized by a group of Saab loyalists at SaabsUnited, was to raise enough money so that the final 9-3 could be purchased and then donated to the official Saab Museum in...