bankruptcy

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...

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 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...

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 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...

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...

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...

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...

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...

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...

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...

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...

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...

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 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...

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...

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...

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...

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...

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...