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    Report: Wiesmann shuts down... again
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    Though its designs may look like Wiesmann is trying to make time stand still, the massively powerful BMW engines that power its creations say otherwise. As does its slaloming in and out of solvency over the past year or so. Last summer the German automaker filed for bankruptcy. It presented a ...

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    Report: Bertone nearly bankrupt again?
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    Times are tough for coachbuilders these days. Karmann shut down a few years ago. Pininfarina only returned to profitability a year ago for the first time in nearly a decade. Italdesign Giugiaro has been subsumed into the Volkswagen Group (and not a moment too early). Fisker shifted from rebodying ...

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    Report: Porsche tuners 9ff, SpeedArt going bankrupt
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    Times are tough in Europe right now, and that unfortunately has reaped disastrous consequences for some of its smallest niche automakers. Gumpert, Wiesmann, Artega and Lola have all filed for bankruptcy this year, and it appears that tuners are not immune to the tough times, either. Word coming ...

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    Followup: Auctioneer Kruse ordered to pay bank $1.3M, has jet repo'd
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    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
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    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 ...

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    REPORT: New GM entitled to $16 billion in federal tax breaks courtesy of Old GM
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    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
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    Karmann throughout the years - Click above for high-res image gallery
    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 shuttered because of ...

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

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    REPORT: Visteon books $2M profit. Delphi makes $556M. Wait... wha?!
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    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 ...

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    REPORT: If Chrysler liquidates, 38,500 jobs would be lost
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    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 ...

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    Henderson says GM bankruptcy decision still in doubt; Hummer decision expected before month's end
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    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 ...

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    Coachbuilder Karmann files for insolvency
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    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 ...

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    TRUST successfully reorganized in Japan, GReddy in the U.S. churning along
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    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 ...

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    Saab files for bankruptcy in Swedish courts, wants $1B
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    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 ...

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    POLL: Would you buy a car from a company in bankruptcy?
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    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 ...

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