bankruptcy

  • Bloodhound SSC

    A savior for Bloodhound Programme Ltd, the company working on an attempt to smash the land speed record for a steerable car, has been found. The savior is Ian Warhurst, who it was announced on Monday is the new owner of Bloodhound Programme. It isn't clear how much Warhurst paid for Bloodhound Programme, which only two weeks ago had been disbanded, but the British outfit previously said it needed at least $33 million to complete its attempt. Warhurst is a mechanical engineer by training and has a strong background in managing successful businesses in the automotive engineering sector, thus he...

  • Bloodhound SSC conducts first public test - October 26, 2017
    Bloodhound land speed record attempt disbanded

    Bloodhound Programme Ltd, the company behind the Bloodhound SSC land speed record attempt, was disbanded Friday after it failed to secure new funds. The attempt had been on hold since October 15 when Bloodhound entered administration, a process similar to bankruptcy protection. To get off the...

  • The Campagna T-Rex 14R - image: Campagna
    T-Rex maker Campagna files for bankruptcy

    The company behind the wild T-Rex three-wheeler has sought bankruptcy protection. According to a Jalopnik report from Monday, Campagna has filed for bankruptcy, though the extent of the Canadian firm's money problems is unknown. Campagna has built the T-Rex three-wheeler since 1995. As the pride...

  • Bob Bondurant School of High Performance Driving
    Bob Bondurant school of driving closes amid bankruptcy filling

    The Bob Bondurant School of High Performance Driving closed its doors Monday, slightly more than a month after the school filed for Chapter 11 bankruptcy protection. The news was confirmed by a spokesman for the school. A call to the school’s president and CEO, Patricia Bondurant, was not...

  • JD Classics center in Maldon, United Kingdom
    Classic car restorer and dealer JD Classics sold to new owner

    JD Classics can breathe a sigh of relief as it's been sold to a new owner. AM Online reported Tuesday that the major classic car restorer and dealer found a buyer in Woodham Mortimer, a company controlled by HPS Investment Partners LLC. Woodham Mortimer's purchase of JD Classics secured 60 jobs at...

  • JD Classics center in Maldon, United Kingdom
    Major classic car dealer and restorer JD Classics hits financial troubles

    Classic car sales have been on a tear for the past decade but that hasn't insulated one of the biggest names in the business from becoming insolvent. British firm JD Classics, a dealer of classic cars but also an expert restorer and organizer of classic racing events, entered administration on...

  • 2020 Tesla Roadster

    After questioning the viability of Tesla two years ago in an op-ed titled “Is Tesla Doomed?,” Bob Lutz is now flat out stating the company is going out of business. “The company, folks, is going out of business,” he told CNBC in an interview Friday. “At this rate they'll never get to 2019.” Lutz cited a number of issues at Tesla, the main ones being the company’s high burn rate, Model 3 production delays, and slowing sales of the Model S and Model X. Recall, Tesla lost $619 million in the third quarter and only managed to build 260 examples of the...

  • Skip Barber 2-Day High Performance Driving School
    Skip Barber Racing School files for bankruptcy, seeks buyer

    Famed driving instruction academy Skip Barber Racing School on Tuesday filed for bankruptcy. Specifically, the school, which has coached drivers since 1975, filed for Chapter 11 protection with a United States Bankruptcy Court for the Southern District of New York. Chapter 11 allows the company to...

  • 2016 Manor Formula One race car
    End of the road for F1 backmarker Manor

    Formula One team Manor Racing, formerly Marussia, was disbanded on Friday. The news comes after the team announced on January 6 that it had entered administration, similar to bankruptcy protection, after several months of failed talks with potential investors to back it in the 2017 season. But with...

  • 2013 Wiesmann GT MF4-CS
    German Sports Car Brand Wiesmann Sold To Indian Investors

    Wiesmann, the German manufacturer of lightweight, retro-styled sports cars powered by BMW M engines, finally went out of business last year after several years of barely scraping by. Since then, founders Martin and Friedhelm Wiesmann have been on the lookout for a buyer, and now it seems...

  • Caparo T1
    Caparo Parent Company Enters Administration, Chairman Dies In Apparent Suicide

    Britain’s Caparo T1 was billed as the ‘closest thing to driving a Formula One car on the road’ when it was first unveiled back in 2006. The car looked just like a formula race car, and its powerplant was a small, high-revving V-8 similar to what was used in F1 at the time...

  • Mission Motorcycles R
    Mission Motorcycles Runs Out Of Juice, Files For Bankruptcy

    In 2011, Mission Motorcycles set the record for fastest electric motorcycle lap of Mazda Raceway Laguna Seca. And while the record still stands, the San Francisco-based company is no more. ALSO SEE: Porsche Mission E Electric Sedan Concept: 310-Mile Range, 15-Minute Charging--Live Photos &...

  • Spyker B6 Venator Spyder concept

    Spyker was forced into bankruptcy late last year by a Dutch court after it was determined the struggling sports car brand wouldn’t be able to pay back all of its creditors. A bridging loan provided to the firm in January meant Spyker was able to exit bankruptcy, although it still needed to operate under the strict terms of a “temporary moratorium of payment,” a restructuring process similar to our own Chapter 11 bankruptcy protection rules whereby Spyker could recognize its operations. MUST WATCH: LaFerrari Demolishes Bugatti Veyron In Drag Race: Video Now, close to eight...

  • 2014 Saab 9-3 Aero
    Saab Owner NEVS Exits Bankruptcy Protection

    After running out of cash last May due to a failed deal with a Chinese backer, Saab’s owner National Electric Vehicle Sweden (NEVS) was facing bankruptcy but was thrown a lifeline by a Swedish court that awarded the struggling firm a reorganization period. That same court, the District Court...

  • 2014 Saab 9-3 Aero
    Facing Bankruptcy, Saab Owner NEVS Seeks Debt Reduction From Creditors

    Saab’s latest woes appear to have no end in sight with news emerging overnight that the automaker’s owner, Chinese-backed National Electric Vehicle Sweden (NEVS), which itself is facing bankruptcy and currently in administration, is seeking a reduction on some of its debts. NEVS is...

  • Caterham's 2014 Formula One car
    Caterham F1 Hopes Fade As Administrator Puts Assets Up For Sale

    Despite raising enough cash to finish off the 2014 Formula One World Championship, struggling team Caterham F1, now a separate unit to the Caterham sports car brand, looks like it’s lost all chance of racing this season and will now likely be sold off or disbanded altogether. Administrators...

  • Spyker B6 Venator concept car
    Spyker Appeals Bankruptcy Decision, Still Plans Merger With Electric Aircraft Manufacturer

    Spyker was finally forced into bankruptcy late last year by a Dutch court after it was determined the struggling sports car brand, already behind in its payments, wouldn’t be able to pay back creditors. Fast forward to today and Spyker is no longer in bankruptcy thanks to a bridging loan that...

  • Spyker logo
    Spyker Declared Bankrupt, CEO Hopeful Of Electric Car Revival

    After successfully filing for bankruptcy protection with a Dutch court just two weeks ago, struggling sports car brand Spyker has been declared bankrupt due to its inability to source bridge funding to continue operations. The decision was made today by the district court of Midden-Nederland, at...

  • Saab 9-3 EV electric prototype shown by NEVS, 2014

    Earlier this month, cash-strapped Saab owner National Electric Vehicle Sweden (NEVS) asked a Swedish court to extend the period for its restructuring so that it could finalize a deal with a new investor. NEVS said at the time that it was in talks with two Asian firms, which court documents have now confirmed to be India’s Mahindra and China’s Dongfeng. The documents, which were obtained by the Financial Times, show that Mahindra, a major manufacturer of tractors and SUVs, is close to signing off on a deal that will see it become the majority owner of NEVS and in the process the...

  • Spyker B6 Venator (production-spec)
    Spyker Files For Bankruptcy Protection, Says It Will Merge With Electric Aircraft Manufacturer

    Still reeling from its failed attempt to rebuild Saab, Dutch sports car manufacturer Spyker has run into what the company describes as “short-term operational and liquidity challenges” and has been forced to file for bankruptcy protection. A Dutch court has approved the application for...

  • NEVS starts production of 2014 Saab 9-3
    Facing Bankruptcy, Saab Owner NEVS Says It Has New Asian Investor

    The Saab name continues to be dragged through the mud, with its current owner, National Electric Vehicle Sweden (NEVS), struggling to stave off bankruptcy and secure a new investor. NEVS purchased the assets of Saab in late 2012 after the Swedish automaker’s previous owner Spyker went...

  • Saleen logo
    Saleen on the verge of bankruptcy?

    Vehicle tuner Saleen looks to be in some serious financial trouble, with a recent quarterly report filed by the company with the Securities and Exchange Commission revealing the dire situation. According to the report, Saleen had just $7,261 in cash as of September 30, 2014, and liabilities...

  • Marussia F1 Team logo
    Marussia F1 Team Disbanded, Caterham Turns To Crowdfunding

    Both the Marussia and Caterham Formula One teams have missed the last two races of the 2014 season due to financial difficulties, with the former still reeling from the Japanese Grand Prix accident that caused one of its drivers, Jules Bianchi, to suffer serious head injuries. The latest statement...

  • Marussia F1 Team logo
    Marussia F1 Team Enters Administration, Seeks Buyer

    Just days after the Caterham F1 Team’s financial troubles were revealed, it’s emerging that fellow Formula One team Marussia is also struggling and has just entered administration. Administrators FRP Advisory said the U.K.-based team would continue to operate and that none of the staff...

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