bankruptcy

  • Caterham Formula One car

    The Caterham F1 Team is currently on shaky ground following news Caterham Sports Limited (CSL), an entity that builds the actual cars for the team, is in administration and its administrator refusing to release the cars for transport to Austin, Texas for the upcoming Formula One United States Grand Prix. It turns out CSL hasn’t received funding from Caterham’s new owner Engavest, a consortium of Swiss and Middle Eastern investors. The reason, according to a statement on the Caterham F1 Team’s website, is that the team’s former owner, a group of investors led by...

  • 2014 Saab 9-3 Aero
    Up To 200 Saab Employees To Be Let Go

    Saab’s owner National Electric Vehicle Sweden said it intends to lay off up to 200 of the Swedish automaker’s employees as it attempts to reduce costs during its restructuring process. After briefly restarting Saab 9-3 production late last year, in May of this year NEVS ran out of cash...

  • 2013 Wiesmann GT MF4-CS
    Wiesmann Seeks New Investors

    Wiesmann, the German manufacturer of lightweight, retro-styled sports cars powered by BMW M engines, finally went out of business earlier this year after several years of barely scraping by. But for brothers Martin and Friedhelm Wiesmann, it’s still not quite over for the company they founded...

  • 2014 Saab 9-3 Aero
    Facing Bankruptcy, NEVS Loses Rights To Saab Name

    Saab owner National Electric Vehicle Sweden recently ran out of cash but on Friday was thrown a lifeline by a Swedish court, which has given the struggling firm time to restructure and source new investment. During the restructure, NEVS parent company National Modern Energy Holdings will provide it...

  • NEVS starts production of 2014 Saab 9-3
    UPDATE: Bankruptcy Protection Of Saab Owner NEVS Approved

    Saab’s current owner National Electric Vehicle Sweden is on the verge of bankruptcy but the firm has been thrown a lifeline by a Swedish court. The district court of Vänersborg today approved the application from NEVS seeking additional time to restructure its business, and attorney Lars...

  • 2014 Saab 9-3 Aero
    UPDATE: Saab Owner’s Bankruptcy Petition Withdrawn, Investor Talks Ongoing

    Yesterday, it was reported that suppliers to Saab had petitioned a Swedish court to declare the struggling automaker’s latest owner, National Electric Vehicle Sweden (NEVS), bankrupt. According to the Associated Press, Labo Test, which supplies test equipment for car parts, said NEVS had...

  • Bertone logo

    Italy's Bertone, established in 1912 as a coachbuilder, has been hit hard by financial strife in the past decade, with the company forced to end its vehicle manufacturing operations following the financial crisis of 2008 and split off its Stile Bertone design house. Unfortunately, Stile Bertone has continued to suffer and in March of this year it started seeking a buyer to save it from bankruptcy. We’re sad to report that Stile Bertone was unsuccessful in its search for a savior, as the design house has finally declared bankruptcy and its assets are now being put up for sale. The...

  • 2013 Wiesmann GT MF4-CS
    Boutique Carmaker Wiesmann Out Of Business

    German boutique sports car maker Wiesmann, creator of the odd but iconic MF4 and MF5, has finally gone out of business after a drawn out insolvency. Last summer, Wiesmann filed for bankruptcy protection, despite having just released the M3 V-8-powered MF4-CS a few months earlier at the 2013 Geneva...

  • 1970 Bertone Lancia Stratos HF Zero
    Bertone Confirms Bankruptcy, Searches For Buyer

    Legendary Italian styling house Bertone confirmed that it has entered bankruptcy proceedings. The Telegraph reports that the company has racked up significant debt, and that a Bertone spokesperson confirmed employees haven't been coming to work for around one and a half months. If a buyer isn't...

  • Aston Martin centenary drive at the Nürburgring
    Nürburgring Saved? Capricorn Group Buys Famed Track

    Fans of motorsport around the world have been experiencing low-level anxiety over the future of the Nürburgring for years now. In 2012, the track declared insolvency, and it looked like it might be shuttered, or worse, scrapped. But those fears may be resolved now that the German automotive...

  • The New Fisker Automotive
    Wanxiang Launches 'The New Fisker' Website, Says Atlantic Is The Future

    The American arm of Chinese auto parts giant Wanxiang recently bought up the assets of bankrupt electric car startup Fisker Automotive and has now confirmed by way of a website that it’s using those assets for a new company called The New Fisker Automotive. It appears Wanxiang was also able...

  • Fisker Atlantic Design Prototype  -  2012 New York Auto Show
    China's Wanxiang wins Fisker auction with $149.2 million bid

    A U.S.-based arm of Chinese supplier Wanxiang (Wanxiang America Corporation) was the successful bidder in an auction of the assets of bankrupt electric car startup Fisker Automotive. The winning bid has been valued at approximately $149.2 million, which includes $126.2 million of cash, $8 million...

  • 2012 Fisker Karma

    You'd think a company's name and logo were among the standard items of any business buying up the assets of a bankrupt firm, but in the case of Fisker Automotive's long-running saga, that doesn't seem to apply. Whoever buys the company and its assets may not have access to the Fisker brand name, nor its logo. That's because neither is actually part of the Fisker Automotive group, instead held by a separate company, Fisker Coachbuild LLC. Delaware Online reports on a statement made by Fisker Coachbuild, that neither Fisker's debtors nor the proposed buyers have had any contact with the company...

  • 2012 Fisker Karma EcoSport
    Fisker Wants Court To Reject Wanxiang Bid, Cites It As Cause Of Bankruptcy

    Bankrupt automaker Fisker Automotive is urging courts to approve the sale of its assets to a Hong Kong company currently bidding on it, in the hope that it can prevent Chinese auto parts maker Wanxiang from intervening and buying up the assets before the sale can take place. According to Reuters...

  • 2012 Fisker Karma EcoChic, New York City, Jan 2012
    Fisker Founders Sued Over Company Collapse

    The woes of Fisker Automotive, the electric car startup that filed for bankruptcy late last year after a series of insurmountable problems, don't look like stopping any time soon. Investor group Atlas Capital Management LP is suing Fisker co-founder Henrik Fisker as well as several former directors...

  • 2013 Wiesmann GT MF4-CS
    Germany’s Wiesmann No Longer Insolvent

    It looks like it isn’t the end of the road for niche German sports car manufacturer Wiesmann just yet. After declaring itself insolvent in August, Wiesmann has now confirmed that the reasons for its original insolvency filing no longer exist. Wiesmann hasn’t mentioned the reasons why it...

  • 2012 Fisker Karma
    Fisker files for bankruptcy, assets sold to Hybrid Technology

    Electric car startup Fisker Automotive has finally filed for Chapter 11 bankruptcy, more than one year since it last built one its $103,000 Karma extended-range electric sedans. It means Fisker will fail to pay its remaining portion of a $192 million loan awarded to it back in 2010 under the...

  • Carbon Motors E7
    It's A 187 On The Carbon Motors Cop Car Dream, E7 Up For Auction

    It's never easy to create a new version of something that already exists in a given market. Take, for example, the police car. For decades, the Ford Crown Victoria has been the king of the cop cruiser hill. Unfortunately, the Panther platform was retired, which means no new Crown Vics were on the...

  • 9ff Porsche GT9-R

    The European car market continues to decline as the economies of most of its nations spiral downward, and the toll on the upper end of the custom and tuner segment continues to rise. Porsche-specific tuner companies 9ff and speedART have both filed for insolvency protection in Germany this month. They join Wiesmann, Artega, Melkus, and Gumpert among the fallen, and while there aren't many tuner/custom/boutique car companies left at this point, 9ff and speedART aren't likely to be the last. All of these companies have gone under in the past 18 months. 9ff is perhaps best known for its 257-mph...

  • 2013 Gumpert Apollo S
    Gumpert May Finally Be Down For The Count

    If you're a fan of visually unappealing yet wildly potent automobiles, the Gumpert Apollo is probably your desktop background right now. Founded in 2004 by ex-Audi Sport director Roland Gumpert, this manufacturer is best known for production of the Apollo. A rather unique machine, the Apollo is...

  • Wiesmann MF5 Roadster
    Sports Car Brand Wiesmann Files For Insolvency

    Luxury sports car maker Wiesmann has filed for insolvency in its native Germany, the latest niche automaker to be hit by the downturn of the European new car market. Wiesmann is known for its retro-styled roadsters, typically using BMW drivetrains, and the company says it has sold more than 1,600...

  • City of Detroit, by jdurchen [Flickr]
    City Of Detroit Files For Bankruptcy: Video

    Detroit, once America’s fourth biggest city and still the heart of the country’s auto industry, filed for Chapter 9 bankruptcy protection in a federal court late on Thursday. With a current population of approximately 700,000, it means Detroit is now the biggest municipal to ever file...

  • Spyker B6 Venator concept car, 2013 Geneva Motor Show
    Spyker Will Appeal Dismissal Of $3 Billion Lawsuit Against GM

    Spyker will appeal last week’s court decision to dismiss the Dutch sports car manufacturer's $3 billion lawsuit originally filed against General Motors almost a year ago. In August of 2012, Spyker filed the $3 billion lawsuit against General Motors Company [NYSE:GM] in a U.S. District Court...

  • 2011 Saab 9-5 and 2011 Saab 9-4X
    Judge Sides With GM In Dismissal Of Spyker’s $3 Billion Lawsuit

    In August of 2012, Spyker filed a $3 billion lawsuit against General Motors in a U.S. District Court in Michigan, alleging that the American auto giant deliberately forced Spyker-owned Saab into bankruptcy by blocking a planned asset purchase by Chinese investor Youngman Lotus. General Motors...

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