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bankruptcy

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    Report: Detroit's new emergency city manager worked on Chrysler bankruptcy [w/video]
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    Kevyn Orr, the new emergency city manager of Detroit, has a history with one of Michigan's most famous residents: Chrysler. Governor Rick Snyder (at right) appointed Orr to the position yesterday with the belief that Detroit needs outside assistance to right the city's mounting financial ...

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    Official: Suzuki Chapter 11 bankruptcy plans approved by US court
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    It's pretty much a done-deal now, folks. A US bankruptcy judge has approved Suzuki's plans to wind down its operations in the States. As part of Suzuki's Chapter 11 proceedings, its automotive unit will cease to exist in the US, leaving the motorcycle, ATV and marine units to function as Suzuki ...

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    Report: London Black Taxi manufacturer sold to China's Geely
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    Geely, the Chinese company that also owns Volvo, now owns Manganese Bronze Holdings (MBH), makers of London's Black Cab. MBH went into administration late last year, and some had looked to Geely to rescue the company in which it had a 19.7-percent equity stake. Although it's taken three months to ...

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    Report: GM may face $918-million loss due to suit stemming from bankruptcy
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    General Motors may see a loss of $918 million should a bankruptcy judge rule certain hedge funds were favored over other investors during the automaker's 2009 restructuring. A trust representing a number of unsecured creditors has sued to undo a lock-up agreement that saw hedge funds receive ...

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    Report: A123 winning bid from China's Wanxiang prompts concern in Congress
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    The Detroit News reports that China's Wanxiang Group Corporation will acquire almost all of bankrupt A123 Systems Inc. for $256 million. The deal includes all of the American battery manufacturer's grid and commercial business assets as well as the company's facilities in Michigan, Massachusetts ...

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    Official: American Suzuki gets $100M in financing to go out of business... buy more cars?
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    American Suzuki Motor Corporation (ASMC), which declared bankruptcy in early November, has been approved by the courts for up to $100 million in debtor-in-possession financing to enable it to shutter its US car business. ASMC had received a $45 million loan from the Japanese parent company, ...

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    Report: Incentives aid smooth Suzuki wind down
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    American Suzuki is continuing to offer buyers substantial incentives even as the company winds down operations. Those looking to nab a new Suzuki vehicle will find rebates of between $500 and $2,000 and zero-percent financing for up to 72 months as dealers look to liquidate inventory following ...

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    Official: Gumpert: Insolvency's going great, wish you were here!
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    At the end of August, the maker of the Apollo, German carmaker Gumpert, declared insolvency after an unsuccessful campaign into the Chinese market. It joined Artega and Melkus at the courthouse, the trio of boutique makers succumbing to violent economic waters that are troubling even the biggest ...

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    Report: Suzuki has to take out $45M loan just to shutter US dealers
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    Bloomberg reports American Suzuki is set to borrow up to $45 million to to close its automotive dealerships and freshen up its it motorcycle and marine business. Suzuki Motor Corporation will loan American Suzuki the funds at three percent below the London Interbank offered rate in order to offer ...

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    Report: London Black Cab maker struggling for survival
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    The roots of London's Black Cab dig all the way back to the Austin FX3 of 1948, the current overall shape recognized by any modern visitor to London showing up in 1958 on the Austin FX4. Manganese Bronze Holdings Plc has been the company behind the Black Cab since 1984, but failing to invest in ...

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    Report: Lola shuttered as administrator unable to find buyer for bankrupt automaker
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    When Lola Cars International filed for bankruptcy in May of this year, the expectation was that a buyer would be found because, after all, it's Lola. Over the past 54 years, the British racecar builder has had its aluminum and carbon fiber fingers in every top series and a cornucopia of feeder ...

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    Video: Paragon AG buys bankrupt Artega but doesn't plan to resume production
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    Artega has been bought by automotive supplier German firm Paragon AG. The fledgling sports car builder filed for bankruptcy in July, and while its staff and facilities have been saved, the Artega GT has not. Paragon makes a range of components from sensors to windshield wipers, but is expanding ...

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    Report: Germany's Melkus files for bankruptcy
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    Another boutique maker of compact sports coupes has filed for bankruptcy in Germany. Melkus was a company we always enjoyed seeing at European auto shows. You never knew where the company would be – all of a sudden you'd notice a sleek, lissome coupe with open gullwing doors and you'd go, ...

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    Report: Car dealerships selling more cars per store than ever before
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    A consulting firm has boosted its auto sales estimate for 2012 to 14.3 million vehicles, but the big news is that, in aggregate, dealers are again making money selling cars. Bloomberg reports that annual sales per dealer will jump to 805 vehicles according to Urban Science. That would be a new ...

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    Report: De Tomaso files for bankruptcy
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    Another small automaker is heading to bankruptcy court in less than a week with the report that De Tomaso has run out of cash and credit. When Artega filed for bankruptcy last week, we felt a bit of a twinge since the German firm has a cool little sports car that just never really got going. And ...

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    Official: Artega files for bankruptcy
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    At the Geneva Motor Show just a few months ago, we noted the fact that Artega, the small German car company selling a single Henrik Fisker-designed coupe, was still a going concern. It even brought an Artega GT with a panoramic roof to the show. According to a short notice posted on its website, ...

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    Official: Lola files for bankruptcy
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    Lola may not be a name recognized by the average consumer, but racing fans will know it well. The British concern has built and continues to build race cars that have spanned an enormous variety of series and disciplines since its founding in 1958, including (but not limited to) Formula One, Le ...

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    Official: Azure Dynamics files for protection, Transit Connect Electric production halted
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    Azure Dynamics, which develops electric-drive powertrains for automakers such as Ford, said this week that it will file for financial protection from its creditors under Canadian law and will cancel its plans to sell shares in what may be a precursor to a bankruptcy filing. Azure is the company ...

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    Report: New polls indicate Americans warming to auto bailouts
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    Even as Republican presidential candidates soldier on in their opposition to the auto industry bailout, new polling indicates that the American public has changed its attitude about the $80 billion spent to help both Chrysler and General Motors restructure. According to The New York Times, a poll ...

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    Report: At least 6-7 parties bidding on Saab... could BMW be one of them?
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    On this episode of As the Saab Turns: Bankruptcy administrators have bidders, and one of them might be a German carmaker! According to a post on Saabs United, "6-7 serious bidders" are trying to snag the remains of Saab. One European company "is German and located in Munich," according to the ...

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