Dutch courts have granted Spyker's petition and overturned a previous bankruptcy ruling, paving the way for the exotic automaker to get back in business - with plans to produce the B6 Venator, merge with an electric aircraft manufacturer and produce its first electric vehicle.
Earlier this month, Spyker confirmed that it had entered bankruptcy protection proceedings in the hope of restructuring its finances and getting back on its feet. But now it seems those efforts have failed and those hopes have been dashed as the Dutch automaker has officially been declared bankrupt.
When the chips were down, and looked down for the count, the Caterham F1 Team launched a crowd-funding campaign to get back on the grid in time for the season finale. And now, it seems, they have succeeded.
General Motors could face settlements totaling near $2 billion if US bankruptcy judge Robert Gerber rules that executives knew the company might be liable to owners of cars with faulty ignition switches built before its July 2009 bankruptcy. An additional $500 million, according to calculations by Bloomberg News, could be added to that total for vehicles with bad ignition switches that were built post-bankruptcy.
It looks like the 2014 FIA Formula One World Championship will wrap up with two fewer teams than it started. First the Caterham F1 team declared bankruptcy amidst an ownership dispute, and now the Marussia team has gone into bankruptcy administration as well.
Caterham is hardly the most stable and successful team on the Formula One grid, but things are looking even more troubling for the embattled outfit, as the company that makes its racecars has reportedly filed for bankruptcy protection.
The saga of Wiesmann dates back to the late 1980s when a pair of German brothers set out to make retro sports cars. The first model was built in 1993 and a steady stream of new coupes and convertibles powered by a variety of BMW engines trickled out of the factory ever since until the company ran into trouble a little over a year ago. Since then Wiesmann has meandered in and out of bankruptcy, but now the founding siblings are reportedly on the verge of securing new funding to get their company
The story of Saab is practically a Greek tragedy at this point. The quirky Swedish automaker that was once known as a pioneer of affordable turbocharging has been followed by years of news that just seemed to keep getting worse. At this point, maybe the brand name should be allowed to fade away into the ether and be remembered for the good times that it gave us.
It's easy to fall in love with the Fisker Karma based on looks alone. Figure in the luxury interior, electric drivetrain, and the convenience of the extended range, and it's hard to fault anyone who took the plunge and plunked down their hard-earned dollars for this swank green machine. Things go wrong, sure, as they do with any vehicle, but when the company goes bankrupt and you can't get the parts to get your car running again, let's just hope you really like the way it looks in your garage.
Some companies can survive long after their founder has left the building, while others are so centered around the identity of one individual that everything unravels in their absence. And there's arguably no place that can be seen more clearly than in the Italian automobile industry.
Now this is the kind of fighting spirit we like to see. Lu Guanqiu is a Chinese billionaire who has visited the White House alongside Chinese president Hu Jintao in 2011. He's worth an estimated $3.1 billion. And he wants to take on Tesla Motors and other EV makers with his newly purchased company, Fisker Automotive.
We dig a good political tell-all every once in a while (how else will we get our political fix while waiting for House of Cards' third season?). Today, we get just that from former Treasury Secretary Timothy Geithner's new book, "Stress Test," which details, among other parts of the 2009 financial catastrophe, the structured bankruptcy that allowed Chrysler and General Motors to emerge as competitive players in the auto industry.
In February, the Chinese company Wanxiang won control of Fisker Automotive at a bankruptcy auction for a final bid of $149.2 million. The sale meant that Wanxiang would now have to deal with all of the creditors claiming that Fisker owed them money. Those individuals and groups had a combined $1 billion in claims, and they're not happy with how the bankruptcy is shaking out. In April, a settlement was announced that would see those unsecured creditors get back pennies on the dollar.
We can now see at least one possible reason for why Hybrid Tech Holdings LLC bought the US Department of Energy's loan to Fisker Automotive last year for $25 million. The purchase is apparently worth $90 million today.
Part of the deal for the federal bailouts of Chrysler and General Motors was that both organizations were required to trim their vast array of dealerships. This move did not sit well with the people that would be losing out on franchises, though, and in Chrysler's case, 148 of the shuttered dealers have fought for money they feel they are entitled to.