bankruptcy

  • 2009 Saab 9-3

    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 vehicles plummeting. Residual value refers to the value of a car after a certain, specified period of use. The value is calculated as a percentage of the car's original price and it’s these percentage figures that have been dropping sharply for GM and Chrysler, reports the Detroit Free Press...

  • Chrysler and GM Detroit headquarters
    Chrysler: We’re a safer bet than GM

    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...

  • Jaguar XF assembly line
    UK auto aid approved by EU, now accepting bids for share of £2.3 billion

    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...

  • GM American flag
    GM viability plan calls for $16.6 billion in additional aid, 47,000 job cuts

    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...

  • Chrysler CEO Bob Nardelli
    Chrysler's viability plan requires additional $2 billion in loans

    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...

  • SsangYong C200 Crossover Concept
    Russia’s Sollers seeking rights to SsangYong vehicles

    Despite the attractive new C200 crossover concept debuted at last year's Paris Motor Show, the successful Rexton production SUV and the new-for-2008 Chairman W luxury sedan, South Korea's SsangYong has revealed that it is entering court receivership to avoid being forced into bankruptcy. The global...

  • pininfarina b0 electric concept 002

    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 manufacturer and focus solely on building electric vehicles. Pininfarina's new plan is as much about finances as it is about the future: the new plan facilitated an agreement with its creditors that helped avoid bankruptcy for the legendary design and coachbuilding firm. Because of ongoing obligations...

  • The White House
    White House considering 'orderly bankruptcy' as an option for GM, Chrysler

    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...

  • GM and Chrysler logos
    GM, Chrysler bankruptcy up to 400% more expensive than bridge loans, says study

    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...

  • 2011 Chevrolet Cruze
    GM stocks nosedive after Deutsche Bank rating drops to $0

    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...

  • Stile Bertone to become independent design firm
    Stile Bertone To Become Independent Design Firm

    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...

  • Bidding war over Bertone heats up
    Bidding War Over Bertone Heats Up

    Just a few weeks after Mahindra & Mahindra expressed their interest in purchasing the legendary coachbuilder and design house Bertone, China's FAW is throwing its hat in the ring. Both companies see the purchase as their ticket into European markets. A failed deal with Fiat for production of...

  • Struggling Bertone could be sold to Indian firm

    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 are now assessing seven bids they have received from international companies including bids from India and Japan. The bidders reportedly include M&M, a company that previously placed a bid for Jaguar and Land Rover, as well as the Japanese-owned engineering firm PCL Group currently based in...

  • Bertone edges closer to bankruptcy
    Bertone Edges Closer To Bankruptcy

    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 seeks bankruptcy protection
    Bertone Seeks Bankruptcy Protection

    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...

  • Spyker edges near bankruptcy
    Spyker Edges Near Bankruptcy

    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...

  • Koenigsegg in financial trouble
    Koenigsegg In Financial Trouble?

    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...

  • ascmclaren.jpg
    American Specialty Cars files for Chapter 11

    We're sure some of you have heard of ASC, formerly American Sunroof Company and now known as American Specialty Cars. Back in the 1980s and early '90s as they were the builder of the ASC McLaren Mustangs. ASC produced 2,725 Mustangs from 1984-1990 in coupe and convertible form. These days ASC is...

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