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0Followup: Auctioneer Kruse ordered to pay bank $1.3M, has jet repo'd 1259436780
The walls are closing in on Dean Kruse, head of the Indiana-based Kruse International auction house. In September, a slew of lawsuits were filed against the company. Further opening the wound, a county court in Indiana has now ordered Kruse to pay more than $1.3 million to a bank in Warsaw -- just ...
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REPORT: General Motor still on track for 2010 IPO 1254169740
While defending the government bailout of America's auto industry, Herb Allison (above), the Treasury Department's assistant secretary for financial stability, said that a General Motors initial public offering is still a go for next year. While Allison still believes it was essential to ... -
REPORT: New GM entitled to $16 billion in federal tax breaks courtesy of Old GM 1249388820
Due to what appears to be a slight (additional) bending of the rules, the "new," post-bankruptcy General Motors has been allowed to carry the $16 billion net operating loss that was created by the "old" GM. That means that New GM will not have to pay taxes on its profits for a while, because the ...
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Karmann Go: Legendary coachbuilder shuts down as last car comes off the line 1245790560
Karmann throughout the years - Click above for high-res image galleryTroubled coachbuilder and specialty car manufacturer Karmann has gone dark. The firm's final vehicle – a Mercedes-Benz CLK came off the lines on Monday as the legendary company has been shuttered because of ... -
REPORT: GM cutting executive pensions, ex-CEO Wagoner to get pinched the most 1245171600
With General Motors in bankruptcy, it was only a matter of time before pensions came under scrutiny. The Detroit News is reporting that GM CEO Fritz Henderson has confirmed that executive pensions beyond $100,000 per year will be cut by two-thirds. Recently defenestrated boss Rick Wagoner will ...
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REPORT: GM to declare bankruptcy before markets open, chief restructuring officer named 1243826940
General Motors' bankruptcy endgame appears to be at hand, with word coming out that the automaker will indeed file for Chapter 11 protection early on Monday morning, which in turn is expected to trigger $30.1 billion in U.S. government loans. That funding will arrive on the heels of the $19.4 ...
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Tier-1 supplier Metaldyne files for Chapter 11 bankruptcy too 1243800300
To the roll call of auto industry titans that have gone or are going bankrupt -- Visteon, Chrysler, GM, Saab, Karmann, ASC, Source Interlink -- we can now add Tier 1 supplier Metaldyne, which filed for bankruptcy for its American operations. Metaldyne makes metal bits for car and truck chassis and ...
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REPORT: Koenigsegg a finalist in bid to buy Saab 1243619880
In a brief article on its website, the UK's Channel4 says that a Swedish newspaper, Dagens Industri, is reporting that supercar maker Koenigsegg is in the running to purchase either a stake in Saab, or the whole kit and caboodle.According to the report, Koenigsegg is reportedly a front-runner to ...
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Bloomberg says GM to file for Chapter 11 bankruptcy on Monday 1243540920
Despite today's word of coming to terms with its major shareholders on a debt-for-equity swap, Bloomberg is reporting that General Motors will join Chrysler in filing for Chapter 11 bankruptcy on Monday. The move is widely expected, but the news agency is adding a bit of flesh to the story, ...
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BREAKING: Visteon reportedly files for Chapter 11 bankruptcy 1243517280
According to Automotive News, Visteon Corp. has filed for Chapter 11 bankruptcy protection. The Michigan-based tier-1 supplier was spun off from the Ford Motor Company back in 2000, and it has struggled ever since. The filing took place in a Delaware courtroom, where the company has listed total ...
