bankrupt


REPORT: General Motor still on track for 2010 IPO

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 safeguard the security of our financial system, he claims that the deal to bail out the auto industry has always been seen as a temporary situation: "Our investments in the automobile industry and other companies that have received exceptional assistance ... Read more →

REPORT: New GM entitled to $16 billion in federal tax breaks courtesy of Old GM Jonathon Ramsey

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 ...

Karmann Go: Legendary coachbuilder shuts down as last car comes off the line Chris Paukert

Troubled 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 ...

REPORT: GM cutting executive pensions, ex-CEO Wagoner to get pinched the most Chris Shunk

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 ...

REPORT: GM to declare bankruptcy before markets open, chief restructuring officer named Chris Paukert

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 ...

Tier-1 supplier Metaldyne files for Chapter 11 bankruptcy too 5 months ago on Autoblog

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 ...

REPORT: Koenigsegg a finalist in bid to buy Saab 5 months ago on Autoblog

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 ...

Bloomberg says GM to file for Chapter 11 bankruptcy on Monday 5 months ago on Autoblog

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, ...

BREAKING: Visteon reportedly files for Chapter 11 bankruptcy 5 months ago on Autoblog

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 ...

REPORT: Visteon books $2M profit. Delphi makes $556M. Wait... wha?! 6 months ago on Autoblog

When is a profit not a profit? When it's the result of bankruptcy prevention measures, like Visteon's report of a $2 million profit during the first quarter of 2009. The auto supplier is reporting that each share earned two cents during the period, compared to a $105 million loss last year. The ...

REPORT: If Chrysler liquidates, 38,500 jobs would be lost 6 months ago on Autoblog

A court filing by the legal firm Jones Day estimates that 38,500 Chrysler workers will lose their jobs if the bankrupt automaker fails to quickly form an alliance with Fiat SpA and is forced to liquidate. In addition, if the deal with Fiat is rejected Chrysler LLC employees will lose $9.8 billion ...

Henderson says GM bankruptcy decision still in doubt; Hummer decision expected before month's end 7 months ago on Autoblog

We were on General Motors CEO Fritz Henderson's teleconference with reporters this morning, and while the proceedings were light on revelatory news (okay, there really wasn't any), some important things were clarified: Namely, Henderson denied that the company has reached a decision on whether to ...

Coachbuilder Karmann files for insolvency 7 months ago on Autoblog

The economy has caught up with Karmann, the independent German builder whose name was most famously applied to Volkswagen's '50s roadster, forcing it to file for insolvency. Most recently the company's 3,470 workers were assembling Audi A4 and Mercedes CLK convertibles. Over its 108-year history ...

TRUST successfully reorganized in Japan, GReddy in the U.S. churning along 8 months ago on Autoblog

This past September, Trust Co. LTD – the parent company of GReddy Performance Products in the U.S. – declared the Japanese equivalent of Chapter 11. According to a release from the aftermarket parts supplier, Trust has successfully completed the reorganization process (known in Japan as ...

Saab files for bankruptcy in Swedish courts, wants $1B 9 months ago on Autoblog

General Motors confirmed this morning that Saab's days as a part of the Detroit-based company are numbered. The Swedish brand has filed paperwork with courts in its home country for reorganization that would lead to its independence. This self-managed reorganization is analogous to the U.S. Chapter ...

POLL: Would you buy a car from a company in bankruptcy? 1 year ago on Autoblog

In recent weeks, the idea that one or all three of Detroit's automakers could end up filing for chapter 11 bankruptcy protection in the coming weeks or months has gained a lot of momentum. In theory, the advantage of chapter 11 is that it provides protection from creditors while the company is ...

UPDATE: Greddy in U.S. still good to go 1 year ago on Autoblog

In a follow-up to our previous post about Trust's bankruptcy filing in Japan earlier this week, GReddy – Trust's U.S. arm – has issued a press release (available after the jump) to assure Stateside consumers that all is well and operations will continue in the U.S. unabated. According ...

GM stock drops below $10 per share 1 year ago on Autoblog

After Merrill Lynch hinted bankruptcy concerns yesterday, and other Wall Street analysts spread additional gloom, shares of General Motors dropped $1.77 to close at $9.98 -- GM's lowest close in more than 50 years. While GM stock on Tuesday showed a bit of promise on the news that sales only dropped ...

European coachbuilders will sink or swim in changing market 1 year ago on Autoblog

We've posted a number of articles in recent months about coachbuilders like Pininfarina and Bertone finding themselves in financially troubled waters. The difficulties these and other independent manufacturers around Europe are suffering now appear to be part of a larger trend that's forcing these ...

Sad day: ASC files for Chapter 11 2 years ago on Autoblog

Anyone who knows even a little bit (like I do) about American Specialty Cars is usually fascinated. After all, this is the company behind the Buick GNX, but it's also the company behind the Chevy SSR. Unfortunately, the latter vehicle was the one that did ASC in. According to Automotive News, ASC ...

Riding out the storm: Ford applies for $18 billion restructuring package 2 years ago on Autoblog

Ford announced today that it plans to acquire a financing package worth a heady $18 billion. The extra money will ensure that Ford survives the next couple of years while Alan Mulally and company attempt to turn the automaker around and bring profits back to the Blue Oval. Automotive News reports ...

Tower Automotive reaches deal with unions 3 years ago on Autoblog

Just a few months ago, based on its threat to cancel union labor contracts, Tower Automotive appeared on the brink of a work stoppage - an event that would have halted a significant amount of North American vehicle production. Now we can all breath a bit easier, as the bankrupt supplier has reached ...

Delphi seen improving, given more time by judge 3 years ago on Autoblog

U.S. Bankruptcy Judge Robert Drain agreed yesterday to extend Delphi's deadline to submit its reorginization plan from August 5th to February 1st of next year. Judge Drain apparently sees the embattled company as making significant progress with buyouts and the early retirement of thousands of Union ...

Delphi reaches agreement on buyouts with UAW, GM 3 years ago on Autoblog

Delphi has reached a buyout agreement with the United Auto Workers and General Motors. Announced Friday, the deal will extend buyout offers to each and every hourly worker, giving all UAW-represented employees (around 22,000 out of 31,000 Delphi employees)  a chance to bail with a safety net. ...

General Motors requests two months for Delphi, unions, to work out deal 3 years ago on Autoblog

Bloomberg reports that General Motor submitted a request to a judge overseeing Delphi's bankruptcy case to adjourn the hearings for up to two months. The latter are scheduled to begin on May 24. According to GM spokesperson Jerry Dubrowski, the automaker asked for the request so that it, Delphi, ...

Visteon turns a profit(!) 3 years ago on Autoblog

"Restructuring, improving base operations and growing global business" were the Big Three for Visteon in first quarter, who turned a profit, despite lower revenues. Following the news, shares rose $1.14 to $7 on the New York Stock Exchange, a substantial 19 percent improvement. Net ...

What's next for Delphi? 3 years ago on Autoblog

While much ink has been devoted to Delphi's bankruptcy court request to terminate its labor contracts with the UAW and other unions, that event was only one step along the path to possible confrontation with the unions (albeit a very big one). Over at TheCarConnection.com, Joseph Szczesny has ...

GM building "strike bank" in preparation for Delphi walk-out 3 years ago on Autoblog

Rick Wagoner, embattled head of General Motors, appeared on CBS's "Face the Nation" Sunday morning news program, and confessed that GM is stockpiling parts and complete vehicles in an attempt to protect the automaker in case its spin-off supplier Delphi decides to strike. Indeed, this ...

Read Bill Ford's lips: No bankruptcy for Blue Oval 3 years ago on Autoblog

Ford Motor Company’s Chairman and CEO Bill Ford is ruling out bankruptcy for the Blue Oval. The Henry Ford scion believes that the company’s ‘strong liquidity’ ($31 billion in the coffers), downsizing efforts and profitable overseas operations will buoy the No. 2 ...






Autoblog Podcast #153: With Phil Berg

Phil Berg puts his reputation on the line and hangs with the podcast crew.

 
 

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