bankruptcy
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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 Company [NYSE:GM] retaliated by seeking a motion to dismiss the case, which in turn was opposed by Spyker within a couple of months of the original lawsuit being filed. GM’s argument was that the deal under which it sold Saab to Spyker in 2010 allowed it (through preferred stock) to veto any new...
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Fisker Automotive: The Final Flameout?
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...
Nelson Ireson -
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...
Viknesh Vijayenthiran -
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...
Kurt Ernst -
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...
Viknesh Vijayenthiran -
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...
Kurt Ernst -
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 administration last May due to cashflow issues. The administrators CCW Recovery Solutions said in a statement that it failed to find a buyer for Lola Cars and that the firm’s remaining 19 employees were made redundant last Friday. This brings to 55 the total number of redundancies at Lola Cars since...
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Artega’s New Owner Ceases Production Of 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...
Viknesh Vijayenthiran -
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...
Viknesh Vijayenthiran -
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...
Nelson Ireson -
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...
Viknesh Vijayenthiran -
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...
Kurt Ernst -
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 operator, Nürburgring GmbH, responsible for the day-to-day running. The bankruptcy announcement was made during a press conference in the German city of Mainz, attended by Nürburgring GmbH's senior management and state governor for the Rhineland-Palatinate area Kurt Beck. The grim news comes...
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European Union Rejects Aid, Nürburgring Facing Bankruptcy
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...
Kurt Ernst -
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...
Kurt Ernst -
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...
Viknesh Vijayenthiran -
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...
Viknesh Vijayenthiran -
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...
Viknesh Vijayenthiran -
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 cars will be offered exclusively to Saab dealers in the United States, but it’s their call whether to sell the cars (presumably at a massive discount) or strip them down for spare parts. The remaining 600-unit inventory will be sold off in batches of 100 to rental car agencies and exporters...
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Saab's new owners revealed; What happens next?
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...
Kurt Ernst -
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...
Viknesh Vijayenthiran -
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...
Viknesh Vijayenthiran -
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...
Viknesh Vijayenthiran -
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...
Viknesh Vijayenthiran