bankruptcy

General Motors and Chrysler just can’t seem to get a break. Not only are they dealing with one of the worst market slumps to hit the auto industry in decades, fears of bankruptcy are turning away potential customers in droves and now those same fears are also sending residual values of their...

If asked whether General Motors or Chrysler were in a better financial position, many of us would conclude that GM looks better. However, Chrysler's chief financial officer Ron Kolka has come out boasting that Chrysler, "on a pure-business basis," is more viable. The reasoning behind the claims is...

The weak economy knows no borders, rampaging across the globe taking its toll in lost jobs and bankruptcies. The car industry in particular is no stranger to this strife, and some might say Great Britain's carmakers most of all, considering their rocky history. In late January UK Business Secretary...

Chrysler’s request for an additional $2 billion in government funded loans in its latest viability proposal looks trivial compared to the $16.6 billion requested by General Motors today in front of the U.S. Treasury. Without this funding GM says it could run out of money as early as next...

Building a foundation for the reconstruction of the industry, General Motors and Chrysler are required to submit new plans for viability today as part of the loan agreement established late last year. GM has yet to unveil their reworked plan, but Chrysler has just released the key details of its...

This year has been a hard one for a lot of people, companies and industries. It has been an especially tough one for Pininfarina, losing its CEO, Andrea Pininfarina, to a traffic accident in August. Today news is breaking that the company has decided to end its stint as Italy's last contract...

Bankruptcy for one or more major carmakers as a solution to the current automotive downturn has been widely reviled as the worst possible alternative for the carmakers themselves and the industry, and economy, in general. But now the White House has revealed that a structured bankruptcy for General...

If you listen to the CEOs and PR spin-doctors, bankruptcy has never been an option for America's carmakers, despite behind-the-scenes talk of 'Plan B' scenarios. It turns out that such aversion to bankruptcy isn't just head-in-the-sand reactionary behavior. If General Motors and Chrysler were to...

Teetering on the brink of the precipice is a fairly accurate description of General Motors' future, according to Deutsche Bank, which revised its valuation target of GM shares to $0 today. Even if GM avoids bankruptcy, says the bank, its future will be essentially indistinguishable from a...

Teetered on the edge of bankruptcy, Italian coachbuilder Bertone and its ‘Stile Bertone’ design house were approved today to be split into two independent factions. This will allow the more successful design arm to separate itself from the downturn that has been plaguing the...

Another legendary marque could be sold off to an Indian firm with news coming out today claiming Mahindra & Mahindra (M&M) is one of a number of firms interested in purchasing Italy’s Bertone. The famed coachbuilder and design house has been placed under administration and officials...

Bertone has been in financial trouble ever since a deal between it and Fiat to build several new Lancia models went sour back in April last year. The Italian coachbuilder has yet to secure any major projects since then and has been relying on government handouts to pay its staff. Hope came when...

Bertone has been in financial doldrums ever since a deal between it and Fiat to build several new Lancia models went sour back in April. The Italian coachbuilder is yet to secure any major projects since then and is relying on government handouts to pay its staff but this is expected to dry up...

Two major creditors for Dutch automaker Spyker have requested that the company and its Formula One racing team be declared bankrupt, and are currently seeking legal action to retrieve money they claim they are owed. The creditors include a Zürich insurance company and a private individual, who...

New reports coming out of Sweden say local supercar manufacturer Koenigsegg is in financial trouble, not being able to service its debts. According to Sweden’s Realtid, Koenigsegg owes its creditors the amount of €240,000 and is seeking new investors to help raise the necessary funds...