bankruptcy

  • Screen capture from video by Aaron Wood of fire in 2012 Fisker Karma in Wooside, CA, August 2012

    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 literally. Starting out like a wildfire, the beauty of the Karma in concept form, as well as the Sunset and Surf concepts that followed it, spread the Fisker name far and wide--far wider than founder Henrik Fisker's work designing cars for other automakers over the course of his career. Fanning the...

  • Irwindale Speedway - Image courtesy of Irwindale Speedway
    Oval Track Racing To Return To Irwindale Speedway In 2013

    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...

  • Saab 9-3 Cabriolet Independence Edition - image: KVD Auctions
    The Last Production Saabs Head To Auction

    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...

  • Gumpert Enraged live photos, 2012 Geneva Motor Show
    Supercar Maker Gumpert Restarts Production, Despite Insolvency

    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...

  • Gumpert Enraged live photos, 2012 Geneva Motor Show
    Supercar Builder Gumpert Saved By New Investor: Report

    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...

  • A Lola chassis
    Race Car Manufacturer Lola Ceases Operations

    Legendary British engineering firm and race car constructor Lola Cars, established in 1958 and based in Huntingdon, England, has ceased operations after entering administration and failing to secure new investment. The firm, which is part of the larger Lola Group, originally went into...

  • Artega GT 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 year and announced it was in the process of seeking new investors. Two key deals with Chinese and Mexican firms were close to being finalized though fell out at the last minute. A deal was eventually struck with fellow German firm Paragon, an automotive supplier also based in Delbrück. All 34...

  • Saab logo
    NEVS finalizes Saab acquisition, gets permission to use Saab name

    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...

  • Gumpert Apollo R live photos
    Supercar Maker Gumpert Declares Insolvency

    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...

  • Melkus RS2000 GTS
    German Sports Car Manufacturer Melkus Files For Bankruptcy

    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...

  • Porsche at the 2011 Nurburgring 24 Hours
    Nürburgring Gets Temporary Reprieve With German State Loan

    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...

  • Porsche at the 2011 Nurburgring 24 Hours
    Nürburgring Operator Files For Bankruptcy

    Despite its significant links with the auto industry and the world of motorsports, the Nürburgring race track is in severe financial distress, with news coming overnight that its private operator has filed for bankruptcy. The track itself is owned by the German government, with the private...

  • Porsche's 911 GT3 R Hybrid at the Nurburgring.

    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 effective in raising awareness of the problem, that hasn't necessarily translated into needed economic aid or political support. Now, according to a report in the Rhein Zeitung, time has run out and the Nürburgring is facing bankruptcy. A deal to request emergency funding from the European Commission...

  • 2011 De Tomaso SLS (Sport Luxury Sedan) Concept
    Italian Police Arrest De Tomaso Chairman

    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...

  • 2011 De Tomaso SLS (Sport Luxury Sedan) Concept
    De Tomaso Files For Bankruptcy, Again

    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...

  • Artega GT sports car
    German Sports Car Manufacturer Artega Files For Bankruptcy

    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...

  • Saab logo
    Saab’s New Owner Seeks Permission To Use Saab Name And Logo

    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...

  • 2012 Saab 9-3 Griffin range
    Saab's Last 900 Cars Head To Auction

    If you thought you’d missed your chance to pick up a new Saab before the now-semi-defunct brand was gone for good, despair not: additional units, leftover from port inventory will be heading to dealer auction next week. According to Saab World (via Jalopnik), the first 300 of 900 remaining...

  • 2013 Saab 9-3 test-mule spy shots

    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 (NEVS). According to Bloomberg, NEVS is backed by Hong Kong based National Modern Energy Holdings, Ltd. and Japan’s Sun Investment. The initial plan is to build an all-electric Saab 9-3, specifically for the Chinese market. Assuming this project is successful, the next step will be to design and...

  • 2011 Saab 9-5 and 2011 Saab 9-4X
    New Saab Parts Division To Supply Spares For North America

    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...

  • 2011 Saab 9-5
    Swedish Union Seeks President Obama’s Help To Save Saab?

    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...

  • A Lola chassis
    British Racing Firm Lola Appoints Administrator

    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...

  • 2012 Saab 9-3 Griffin Aero
    Mission To Save The Last Saab 9-3 Is A Success

    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...

  • 2012 Saab 9-3 Griffin Aero
    Mission To Save The Last Saab 9-3 Likely Ever Built

    With Saab officially bankrupt and receivers now looking for bids on any remaining assets, activity at the automaker’s main facilities in Sweden is winding down and the last orders are being completed. The very last Saab 9-3, a 2012 9-3 Griffin Aero sedan finished in white like the one...

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