Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2013 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Court approves Suzuki bankruptcy plan]]>http://www.autoblog.com/2013/04/05/court-approves-suzuki-bankruptcy-plan/http://www.autoblog.com/2013/04/05/court-approves-suzuki-bankruptcy-plan/http://www.autoblog.com/2013/04/05/court-approves-suzuki-bankruptcy-plan/#commentsFiled under: ,

Suzuki Emblem

Suzuki has won approval for its Chapter 11 plan to stop selling cars in the US and concentrate instead on the company's powersports products. Judge Scott C. Clarkson of the US Bankruptcy Court for the Central District of California approved the plan after the company's creditors agreed to the conditions.

Suzuki will now sell its motorcycle, ATV and marine divisions to the newly minted Suzuki Motor of America subsidiary under the Suzuki name. The new company will be wholly owned by Suzuki Motor Company. This is the final piece of the company's restructuring puzzle.

The company says it will now be able to grow its powersports businesses here in the US and also provide auto parts and service to current Suzuki owners through what's left of the company's dealer network. You can check out the brief press release on the bankruptcy plan below.

Continue reading Court approves Suzuki bankruptcy plan

Court approves Suzuki bankruptcy plan originally appeared on Autoblog on Fri, 05 Apr 2013 09:28:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bankruptcychapter 11suzukisuzuki bankruptcyFri, 05 Apr 2013 09:28:00 EST http://www.autoblog.com/feed/20529959/article-comments.xml http://www.autoblog.com/feed/2013/04/05/court-approves-suzuki-bankruptcy-plan/20529959/article-detail.xml 20529959 http://www.blogcdn.com/www.autoblog.com/media/2013/04/suzuki-emblem-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2013/04/suzuki-emblem-628.jpg <![CDATA[Detroit's new emergency city manager worked on Chrysler bankruptcy [w/video]]]>http://www.autoblog.com/2013/03/15/detroits-new-emergency-city-manager-worked-on-chrysler-bankrupt/http://www.autoblog.com/2013/03/15/detroits-new-emergency-city-manager-worked-on-chrysler-bankrupt/http://www.autoblog.com/2013/03/15/detroits-new-emergency-city-manager-worked-on-chrysler-bankrupt/#commentsFiled under: , , , ,

Detroit Emergency City Manager Orr at his appointment press conference with Governor Snyder in the background

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 woes. Orr (at left), a partner with the Jones Day law firm, will begin work on March 25 and receive $275,000 a year for his work. While state officials believe the new city manager will be able to complete his duties in 18 months, the contract is technically open-ended.

The 54-year-old attorney helped steer Chrysler through its 2009 bankruptcy, earning $700 per hour for his efforts. He was also instrumental in convincing the courts to allow Chrysler to shutter 789 dealerships in a single month. Orr says he's aware that his efforts won't have made him any friends in Southern Michigan.

"I'm prepared to be the most hated man for a period of time," Orr is quoted as saying in The Detroit Free Press, "but some of that vitriol will abate."

Moving forward, Orr will have widespread power to put Detroit on whatever course he sees fit, including everything from eliminating the city's mayor and council's pay and fringe benefits to stripping them of fiduciary powers. You can watch Snyder introduce Orr in the video below.

Continue reading Detroit's new emergency city manager worked on Chrysler bankruptcy [w/video]

Detroit's new emergency city manager worked on Chrysler bankruptcy [w/video] originally appeared on Autoblog on Fri, 15 Mar 2013 11:31:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bankruptcychryslerchrysler bankruptcydetroitdetroit emergency city manageremergency managerkevyn orrrestructuringrick snyderFri, 15 Mar 2013 11:31:00 EST http://www.autoblog.com/feed/20505539/article-comments.xml http://www.autoblog.com/feed/2013/03/15/detroits-new-emergency-city-manager-worked-on-chrysler-bankrupt/20505539/article-detail.xml 20505539 http://www.blogcdn.com/www.autoblog.com/media/2013/03/detroit-emergency-city-manager-orr_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2013/03/detroit-emergency-city-manager-orr.jpg <![CDATA[Suzuki Chapter 11 bankruptcy plans approved by US court]]>http://www.autoblog.com/2013/03/05/suzuki-chapter-11-bankruptcy-plans-approved-by-us-court/http://www.autoblog.com/2013/03/05/suzuki-chapter-11-bankruptcy-plans-approved-by-us-court/http://www.autoblog.com/2013/03/05/suzuki-chapter-11-bankruptcy-plans-approved-by-us-court/#commentsFiled under: , ,

Suzuki Kizashi

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 Motor of America.

It's not clear how many vehicles are left on the 219 remaining Suzuki dealership lots - the company reported sales of 1,764 in February - but the automaker has assured customers that warranty service and parts will remain available. Suzuki made an investment of $45 million to ensure its past and current customers aren't completely left in repair-work limbo.

Check out the complete announcement from Suzuki below for more information, and please join us in mourning the loss of the Kizashi sedan and SX4 hatch, two vehicles we are legitimately going to miss when this whole sordid affair is done and over with.

Continue reading Suzuki Chapter 11 bankruptcy plans approved by US court

Suzuki Chapter 11 bankruptcy plans approved by US court originally appeared on Autoblog on Tue, 05 Mar 2013 06:58:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bankruptcysuzukisuzuki america bankruptcysuzuki bankruptcyTue, 05 Mar 2013 06:58:00 EST http://www.autoblog.com/feed/20487280/article-comments.xml http://www.autoblog.com/feed/2013/03/05/suzuki-chapter-11-bankruptcy-plans-approved-by-us-court/20487280/article-detail.xml 20487280 http://www.blogcdn.com/www.autoblog.com/media/2013/03/suzuki-kizashi_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2013/03/suzuki-kizashi.jpg <![CDATA[London Black Taxi manufacturer sold to China's Geely]]>http://www.autoblog.com/2013/02/04/london-black-taxi-manufacturer-sold-to-chinas-geely/http://www.autoblog.com/2013/02/04/london-black-taxi-manufacturer-sold-to-chinas-geely/http://www.autoblog.com/2013/02/04/london-black-taxi-manufacturer-sold-to-chinas-geely/#commentsFiled under: , , ,

London black cabs

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 strike a deal, and more than half of the workforce was let go, Geely finally agreed to buy MBH for 11.4 million pounds ($17.9M US).

The purchase confers to Geely "the business and principal assets" of MBH, including the intellectual property and trademarks, equipment, properties, unsold stock, "goodwill" and complete ownership of the China-based joint venture in which Geely was producing the Englong SC7-RV. Happily for fans of the iconic product, the deal keeps production in Coventry and Geely has stated its desire to reestablish and grow the firm.

Reasserting authority in the UK taxi market and getting back in the good books of owners will take money and commitment. Manufacturers like Nissan and Mercedes-Benz have been poaching former owners of LTI products, and what current owners have seen as a lack of service and support has turned apathy into ire. Geely will need to put the time and money into new, competitive and reliable models to make a success of its latest purchase. If those new models can retain the Black Cab's aesthetic place in the London streetscape, all the better for it.

London Black Taxi manufacturer sold to China's Geely originally appeared on Autoblog on Mon, 04 Feb 2013 08:45:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>administrationbankruptcyblack cabgeelylondonlondon taxiLondon Taxis Internationalltimanganesemanganese bronzemanganese bronze holdingsMon, 04 Feb 2013 08:45:00 EST http://www.autoblog.com/feed/20446955/article-comments.xml http://www.autoblog.com/feed/2013/02/04/london-black-taxi-manufacturer-sold-to-chinas-geely/20446955/article-detail.xml 20446955 http://www.blogcdn.com/www.autoblog.com/media/2013/02/london-black-cabs_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2013/02/london-black-cabs.jpg <![CDATA[GM may face $918-million loss due to suit stemming from bankruptcy]]>http://www.autoblog.com/2013/01/04/gm-may-face-918-million-loss-due-to-suit-stemming-from-bankrupt/http://www.autoblog.com/2013/01/04/gm-may-face-918-million-loss-due-to-suit-stemming-from-bankrupt/http://www.autoblog.com/2013/01/04/gm-may-face-918-million-loss-due-to-suit-stemming-from-bankrupt/#commentsFiled under: , ,



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 around $367 million while other creditors were left to recover a slim fraction of their original investments. The creditors claim the agreement was unfair and that it took place after after the bankruptcy filing. That means the deal would have been subject to scrutiny by bankruptcy courts.

But both GM and the hedge funds maintain the lock-up agreement was sealed before the bankruptcy took place, meaning it isn't subject to judge approval. Judge Robert Gerber held several days of trial between August and October and a ruling is expected early this month. Should Gerber rule in favor of the trust, GM will have to pay up on a loan of almost $1 billion owed by GM Canada to a Nova Scotia lender.

GM may face $918-million loss due to suit stemming from bankruptcy originally appeared on Autoblog on Fri, 04 Jan 2013 14:14:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bankruptcybankruptcy courtcourtgeneral motorsgmgovernmentlegalFri, 04 Jan 2013 14:14:00 EST http://www.autoblog.com/feed/20417130/article-comments.xml http://www.autoblog.com/feed/2013/01/04/gm-may-face-918-million-loss-due-to-suit-stemming-from-bankrupt/20417130/article-detail.xml 20417130 http://www.blogcdn.com/www.autoblog.com/media/2013/01/gmrenaissancecenter01-medium-1357322758_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2013/01/gmrenaissancecenter01-medium-1357322758.jpg <![CDATA[A123 winning bid from China's Wanxiang prompts concern in Congress]]>http://www.autoblog.com/2012/12/10/a123-winning-bid-from-chinas-wanxiang-prompts-concern-in-congre/http://www.autoblog.com/2012/12/10/a123-winning-bid-from-chinas-wanxiang-prompts-concern-in-congre/http://www.autoblog.com/2012/12/10/a123-winning-bid-from-chinas-wanxiang-prompts-concern-in-congre/#commentsFiled under: ,

A123 Systems battery cells

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 and Missouri. Meanwhile, Woodridge, Illinois-based Navitas Systems will purchase all of A123 Systems' government contracts for $2.25 million.

Previously, Johnson Controls was a leading bidder for the bankrupt EV battery manufacturer, but that company withdrew its bids from the bankruptcy auction after declining to match Wanxiang's highest bid. But the final sale will be subject to approval by the bankruptcy court handling the case in Delaware, and some members of Congress have reportedly raised concerns over the sale.

Rep. Bill Huizenga, R-Michigan, said he was concerned about Wanxiang taking over A123 Systems because of the battery maker's close ties with the US Defense Department. Huizenga has been quoted as saying, "I am concerned about the government of China having access to sensitive technologies being used by our military forces."

This isn't the first time we've heard those rumblings. Back in August, several US automotive executives said Wanxiang's purchase of A123 Systems could put industry trade secrets at risk, including cutting-edge lithium-ion battery technology. Likewise, November saw US senators John Thune, R-South Dakota, and Chuck Grassley, R-Iowa, raise concerns over the Chinese company's interest in the bankrupt battery maker.

A123 winning bid from China's Wanxiang prompts concern in Congress originally appeared on Autoblog on Mon, 10 Dec 2012 10:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>a123 systemsbankruptcybatteriesbatterychinadepartment of defenseev batteriesjohnson controlsnavitas systemswanxiangwanxiang groupMon, 10 Dec 2012 10:00:00 EST http://www.autoblog.com/feed/20398404/article-comments.xml http://www.autoblog.com/feed/2012/12/10/a123-winning-bid-from-chinas-wanxiang-prompts-concern-in-congre/20398404/article-detail.xml 20398404 http://www.blogcdn.com/www.autoblog.com/media/2012/12/a123-systems-1_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/12/a123-systems-1.jpg <![CDATA[American Suzuki gets $100M in financing to go out of business... buy more cars?]]>http://www.autoblog.com/2012/12/07/american-suzuki-gets-100m-in-financing-to-go-out-of-business/http://www.autoblog.com/2012/12/07/american-suzuki-gets-100m-in-financing-to-go-out-of-business/http://www.autoblog.com/2012/12/07/american-suzuki-gets-100m-in-financing-to-go-out-of-business/#commentsFiled under: , ,



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, Suzuki Motor Corporation (SMC), last month in order to make repayment deals with its franchise dealers. At the same time, ASMC was awaiting final court approval of this larger loan.

Out of the newly approved funds, $50 million can be used for operations, and oddly, the other $50 million can be put toward purchases of new inventory from SMC. That's right, even as existing inventory was headed for a smooth exit with the help of incentives, customer demand for orphan Suzuki models is so strong - last month's sales were up 22 percent compared to 2011 - that ASMC plans to purchase 2,500 additional cars from SMC that were built after the bankruptcy announcement. Good news for the owners of those vehicles: the top 50 dealers, representing more than 98 percent of ASMC sales, will become parts and services centers.

The press release below has more information. Unlike its recent tenure here, the end of Suzuki cars in the US looks like it's going rather well.

Continue reading American Suzuki gets $100M in financing to go out of business... buy more cars?

American Suzuki gets $100M in financing to go out of business... buy more cars? originally appeared on Autoblog on Fri, 07 Dec 2012 13:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>asmcbankruptcybankruptcy courtsuzukisuzuki bankruptcysuzuki carsFri, 07 Dec 2012 13:30:00 EST http://www.autoblog.com/feed/20396669/article-comments.xml http://www.autoblog.com/feed/2012/12/07/american-suzuki-gets-100m-in-financing-to-go-out-of-business/20396669/article-detail.xml 20396669 http://www.blogcdn.com/www.autoblog.com/media/2012/12/asmcbankloan_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/12/asmcbankloan.jpg <![CDATA[Incentives aid smooth Suzuki wind down]]>http://www.autoblog.com/2012/12/04/incentives-aid-smooth-suzuki-wind-down/http://www.autoblog.com/2012/12/04/incentives-aid-smooth-suzuki-wind-down/http://www.autoblog.com/2012/12/04/incentives-aid-smooth-suzuki-wind-down/#commentsFiled under: , , ,

Suzuki Emblem

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 the automaker's filing for Chapter 11 bankruptcy protection last month. The strategy is working so far. Last month saw Suzuki sell a total of 2,224 vehicles, up 22 percent compared to the same time period in 2011. The Japanese manufacturer says it will continue the incentives through December.

Suzuki had around 5,000 units in dealer inventory in the US when it went into bankruptcy protection, with an additional 1,500-1,700 vehicles headed to dealers at that time. The company says it will continue to honor warranties moving forward using its current dealer network. Most of the dealerships will become Suzuki service and parts stores after American Suzuki shutters car sales in the US.

Incentives aid smooth Suzuki wind down originally appeared on Autoblog on Tue, 04 Dec 2012 13:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bankruptcyincentivessuzukisuzuki bankruptcysuzuki incentivesTue, 04 Dec 2012 13:29:00 EST http://www.autoblog.com/feed/20393653/article-comments.xml http://www.autoblog.com/feed/2012/12/04/incentives-aid-smooth-suzuki-wind-down/20393653/article-detail.xml 20393653 http://www.blogcdn.com/www.autoblog.com/media/2012/12/suzuki-emblem-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/12/suzuki-emblem-628.jpg <![CDATA[Gumpert: Insolvency's going great, wish you were here!]]>http://www.autoblog.com/2012/11/14/gumpert-insolvencys-going-great-wish-you-were-here/http://www.autoblog.com/2012/11/14/gumpert-insolvencys-going-great-wish-you-were-here/http://www.autoblog.com/2012/11/14/gumpert-insolvencys-going-great-wish-you-were-here/#commentsFiled under: , , , ,



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 fish.

Unlike the other two, though, Gumpert predicted that renewed focus on Europe would allow it to continue, and we're happy to report that the bankruptcy administrator agrees. Apollos are already back in production, an investor was reportedly found, the dealer network has been reengaged, and the overseer "is convinced that with all orders in negotiation, business will continue permanently and sustainably."

Congratulations to Roland Gumpert and co. You'll find the company's press release below.

Continue reading Gumpert: Insolvency's going great, wish you were here!

Gumpert: Insolvency's going great, wish you were here! originally appeared on Autoblog on Wed, 14 Nov 2012 09:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>apollobankruptcygumpertgumpert insolvencyroland gumpertWed, 14 Nov 2012 09:30:00 EST http://www.autoblog.com/feed/20378900/article-comments.xml http://www.autoblog.com/feed/2012/11/14/gumpert-insolvencys-going-great-wish-you-were-here/20378900/article-detail.xml 20378900 http://www.blogcdn.com/www.autoblog.com/media/2012/11/gumpertrecovers_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/11/gumpertrecovers.jpg <![CDATA[Suzuki has to take out $45M loan just to shutter US dealers]]>http://www.autoblog.com/2012/11/08/suzuki-has-to-take-out-45m-loan-just-to-shutter-us-dealers/http://www.autoblog.com/2012/11/08/suzuki-has-to-take-out-45m-loan-just-to-shutter-us-dealers/http://www.autoblog.com/2012/11/08/suzuki-has-to-take-out-45m-loan-just-to-shutter-us-dealers/#commentsFiled under: , ,

Suzuki Emblem

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 dealer owners a cash payment in exchange for voluntarily abandoning franchise agreements. The company's 216 dealers have 10 days to make a decision on the matter. Under the plan, Suzuki would give dealer owners half of what they're owed in one lump sum, and the dealers would then be able to pursue the remaining debt through the company's bankruptcy procedure.

U.S. Bankruptcy Judge Scott C. Clarkson granted American Suzuki interim authority to borrow the funds, but Bloomberg reports the company will likely return to court in a few weeks to seek up to $100 million. According to Richard Pachulski, a lawyer for Suzuki America, the automaker may owe its dealers somewhere around $50 million.

Suzuki has to take out $45M loan just to shutter US dealers originally appeared on Autoblog on Thu, 08 Nov 2012 16:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>american suzukibankruptcysuzukisuzuki bankruptcysuzuki dealerssuzuki loansuzuki motor corporationThu, 08 Nov 2012 16:30:00 EST http://www.autoblog.com/feed/20374306/article-comments.xml http://www.autoblog.com/feed/2012/11/08/suzuki-has-to-take-out-45m-loan-just-to-shutter-us-dealers/20374306/article-detail.xml 20374306 http://www.blogcdn.com/www.autoblog.com/media/2012/11/suzuki-emblem-628-1352395975_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/11/suzuki-emblem-628-1352395975.jpg <![CDATA[London Black Cab maker struggling for survival]]>http://www.autoblog.com/2012/10/24/london-black-cab-maker-struggling-for-survival/http://www.autoblog.com/2012/10/24/london-black-cab-maker-struggling-for-survival/http://www.autoblog.com/2012/10/24/london-black-cab-maker-struggling-for-survival/#commentsFiled under: , , ,



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 the product and increased competition have sent the icon into administration. Manganese has posted losses since 2008, sold a share of itself to Geely (yes, that Geely) in 2010, and had to post a 3.9 million pounds loss this summer due to an accounting error blamed on a new IT system. Unable to secure additional funding from Geely or any other investor, the company's been forced to enter the UK version of bankruptcy.

Manganese is considered the last Coventry-based auto manufacturer. However, manufacturing was moved to China after the Geely deal and the parts are merely assembled in Coventry. That hasn't provided the expected savings, and when the new TX4 cab needed to be recalled earlier this year over a steering fault, the money crunch got tighter. On top of that, Manganese owners have been complaining about service for years, Mercedes has been swiping customers with a Black Cab Vito, Nissan is poised to swipe more with its NV200. Point being, it has a great deal of work to do in order to be a going concern again.

A statement released by the company says, "The Board remains hopeful that the fundamental strengths of the company, the TX4 model and its global reputation will provide the platform for a successful business in the future."

London Black Cab maker struggling for survival originally appeared on Autoblog on Wed, 24 Oct 2012 15:33:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>administrationbankruptcyblack cabgeelylondonmanganeseWed, 24 Oct 2012 15:33:00 EST http://www.autoblog.com/feed/20357680/article-comments.xml http://www.autoblog.com/feed/2012/10/24/london-black-cab-maker-struggling-for-survival/20357680/article-detail.xml 20357680 http://www.blogcdn.com/www.autoblog.com/media/2012/10/london-black-cab-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/10/london-black-cab-628.jpg <![CDATA[Lola shuttered as administrator unable to find buyer for bankrupt automaker]]>http://www.autoblog.com/2012/10/11/lola-shuttered-as-administrator-unable-to-find-buyer-for-bankrup/http://www.autoblog.com/2012/10/11/lola-shuttered-as-administrator-unable-to-find-buyer-for-bankrup/http://www.autoblog.com/2012/10/11/lola-shuttered-as-administrator-unable-to-find-buyer-for-bankrup/#commentsFiled under: , ,



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 series', and it continues to have cars racing on tracks as you read this. A report on Speed puts paid to that, however, with word that no suitable buyer came forward and hence the division has been shut down and will probably have its assets sold.

For the moment, the move only affects Lola Cars, which is the car building arm of Lola Group Holdings. According to Speed, the Lola name and all of the intellectual property belong to the parent company, and LGH isn't affected bankruptcy and closure it just won't be building cars anymore. The Lola Composites division was also declared bankrupt in May, but remains a going concern seeking a buyer.

Lola shuttered as administrator unable to find buyer for bankrupt automaker originally appeared on Autoblog on Thu, 11 Oct 2012 13:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>administrationbankruptcyfinancial administrationlolalola bankruptcylola carslola compositeslola group holdingsreceivershipThu, 11 Oct 2012 13:30:00 EST http://www.autoblog.com/feed/20346762/article-comments.xml http://www.autoblog.com/feed/2012/10/11/lola-shuttered-as-administrator-unable-to-find-buyer-for-bankrup/20346762/article-detail.xml 20346762 http://www.blogcdn.com/www.autoblog.com/media/2012/10/lolacarscloses_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/10/lolacarscloses.jpg <![CDATA[Paragon AG buys bankrupt Artega but doesn't plan to resume production]]>http://www.autoblog.com/2012/10/08/paragon-ag-buys-bankrupt-artega-but-doesnt-plan-to-resume-produ/http://www.autoblog.com/2012/10/08/paragon-ag-buys-bankrupt-artega-but-doesnt-plan-to-resume-produ/http://www.autoblog.com/2012/10/08/paragon-ag-buys-bankrupt-artega-but-doesnt-plan-to-resume-produ/#commentsFiled under: , , , ,

Artega GT - white - front three-quarter view on show stand

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 its EV and kinematics parts development and will use Artega's infrastructure to assist. The slinky, Fisker-designed, Volkswagen-engined, 300-horsepower coupe is not part of those plans.

The Artega website has already been turned into a splash page, with Paragon reassuring GT owners that it will continue to provide service and replacement parts.

Farewell, Artega.

Paragon AG buys bankrupt Artega but doesn't plan to resume production originally appeared on Autoblog on Mon, 08 Oct 2012 10:46:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>artegaartega bankruptcyartega gtbankruptcyparagonparagon agMon, 08 Oct 2012 10:46:00 EST http://www.autoblog.com/feed/20343495/article-comments.xml http://www.autoblog.com/feed/2012/10/08/paragon-ag-buys-bankrupt-artega-but-doesnt-plan-to-resume-produ/20343495/article-detail.xml 20343495 http://www.blogcdn.com/www.autoblog.com/media/2012/10/artegagtpurchase_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/10/artegagtpurchase.jpg <![CDATA[Germany's Melkus files for bankruptcy]]>http://www.autoblog.com/2012/08/21/germanys-melkus-files-for-bankruptcy/http://www.autoblog.com/2012/08/21/germanys-melkus-files-for-bankruptcy/http://www.autoblog.com/2012/08/21/germanys-melkus-files-for-bankruptcy/#commentsFiled under: , , , ,

Melkus RS2000 in black - profile

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, "Ah, there you are." That won't be happening anymore unless a white knight shows up: Melkus has reportedly filed for bankruptcy in a Dresden court, citing a lack of sales for its dire cash position.

Six year ago, Sepp Melkus, the grandson of the man who built the original Melkus sports cars from 1969 to 1980, restarted the company. The planned run was 25 examples a year at €115,000 ($143,000 U.S.), which would get customers either 270 horsepower from a Toyota 1.8-liter turbocharged four or up to 325 hp from a Volkswagen 2.0-liter turbo (enough to dash from zero to 62 mph in 4.5 seconds). Turns out that tweaking a Lotus Elise, which the Melkus RS2000 is based on, and charging six figures in today's economy wasn't the way to go. The company isn't completely giving up yet, but it joins Artega in the search for a Mr. or Ms. Big to replenish the coffers and keep the lights from going out for good.

Germany's Melkus files for bankruptcy originally appeared on Autoblog on Tue, 21 Aug 2012 17:31:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bankruptcydresdenmelkusmelkus bankruptcymelkus rs2000peter melkusrs2000sepp melkusTue, 21 Aug 2012 17:31:00 EST http://www.autoblog.com/feed/20305869/article-comments.xml http://www.autoblog.com/feed/2012/08/21/germanys-melkus-files-for-bankruptcy/20305869/article-detail.xml 20305869 http://www.blogcdn.com/www.autoblog.com/media/2012/08/melkusbk_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/08/melkusbk.jpg <![CDATA[Car dealerships selling more cars per store than ever before]]>http://www.autoblog.com/2012/08/19/car-dealerships-selling-more-cars-per-store-than-ever-before/http://www.autoblog.com/2012/08/19/car-dealerships-selling-more-cars-per-store-than-ever-before/http://www.autoblog.com/2012/08/19/car-dealerships-selling-more-cars-per-store-than-ever-before/#commentsFiled under:

Hyundai dealer

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 record, as despite this year's total sales number being some four million units shy of 2007 levels, there are far fewer car dealers in operation today.

The previous record was set in 2005, when the figure was 784 vehicles sold per dealer, according to the report. Both Chrysler and General Motors shed hundreds of franchises during their bankruptcies, but dealership ranks shrunk independent of that fact. Urban Science says the number of car dealers usually shrinks by about 2 percent each year, according to the report.

Car dealerships selling more cars per store than ever before originally appeared on Autoblog on Sun, 19 Aug 2012 12:33:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>2012 auto salesbankruptcydealer profitabilitydealersdealershipsfinancial crisissales per dealerus auto salesSun, 19 Aug 2012 12:33:00 EST http://www.autoblog.com/feed/20302346/article-comments.xml http://www.autoblog.com/feed/2012/08/19/car-dealerships-selling-more-cars-per-store-than-ever-before/20302346/article-detail.xml 20302346 http://www.blogcdn.com/www.autoblog.com/media/2012/08/hyundai-dealer-opt_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/08/hyundai-dealer-opt.jpg <![CDATA[De Tomaso files for bankruptcy]]>http://www.autoblog.com/2012/07/09/de-tomaso-files-for-bankruptcy/http://www.autoblog.com/2012/07/09/de-tomaso-files-for-bankruptcy/http://www.autoblog.com/2012/07/09/de-tomaso-files-for-bankruptcy/#commentsFiled under: , , , , ,

De Tomaso Deauville crossover concept - front three-quarter view

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 although we're not happy about De Tomaso name plowing into that financial brick wall again, perhaps this time terminally, if it means the end of the ungainliness that was the Deauville resurrection seen above, then we'll accept it.

At the end of 2011, it was reported that Gian Mario Rossignolo, the former Fiat executive who took over De Tomaso, had sold the rights to build the Deauville to a Chinese concern and that he had raised millions of euros to build a new Pantera sports car. We don't know how much of that report didn't come true, but Rossignolo's aims couldn't get over the hurdles of too many words, not enough funds, and one regrettable crossover. If any company does buy what's left of the De Tomaso name, it should take this as lesson number one for its new model business plan: start with the Pantera.

De Tomaso files for bankruptcy originally appeared on Autoblog on Mon, 09 Jul 2012 09:01:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bankruptcyde tomasode tomaso bankruptcyde tomaso deauvillede tomaso panteradeauvilledetomasogian mario rossignolopanteraMon, 09 Jul 2012 09:01:00 EST http://www.autoblog.com/feed/20273911/article-comments.xml http://www.autoblog.com/feed/2012/07/09/de-tomaso-files-for-bankruptcy/20273911/article-detail.xml 20273911 http://www.blogcdn.com/www.autoblog.com/media/2012/07/detomasodeauville_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/07/detomasodeauville.jpg <![CDATA[Artega files for bankruptcy]]>http://www.autoblog.com/2012/07/04/artega-files-for-bankruptcy/http://www.autoblog.com/2012/07/04/artega-files-for-bankruptcy/http://www.autoblog.com/2012/07/04/artega-files-for-bankruptcy/#commentsFiled under: , , ,

Artega GT at Geneva Motor Show - white, front three-quarter view

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, however the company remains a going concern, but it's now an insolvent one: Artega has filed for bankruptcy.

Sale of the company to an Asian investor fell through, which necessitated the move. Two years ago, the company was sold to a Mexican beer baroness, and the notice on the site about her purchase declares that it "bought with it sufficient funding to secure the increased serial production and the sale launch of the model," that it would enable an electric version to come out, and that Tresalia Capital - her investment company - wasn't in this for short-term success. What a difference two years makes.

The company remains open and is looking for new investors.

Artega files for bankruptcy originally appeared on Autoblog on Wed, 04 Jul 2012 13:59:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>artegaartega bankruptcyartega gtbankruptcytresalia capitalWed, 04 Jul 2012 13:59:00 EST http://www.autoblog.com/feed/20271569/article-comments.xml http://www.autoblog.com/feed/2012/07/04/artega-files-for-bankruptcy/20271569/article-detail.xml 20271569 http://www.blogcdn.com/www.autoblog.com/media/2012/07/artegagtbankruptcy_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/07/artegagtbankruptcy.jpg <![CDATA[Lola files for bankruptcy]]>http://www.autoblog.com/2012/05/16/lola-files-for-bankruptcy/http://www.autoblog.com/2012/05/16/lola-files-for-bankruptcy/http://www.autoblog.com/2012/05/16/lola-files-for-bankruptcy/#commentsFiled under: , , ,

Lola

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 Mans, CART and just about every formula feeder series you could think of, including Formula Two, Formula 3, Formula 3000, Formula 5000 and A1GP. Now, unfortunately, the company is filing for bankruptcy protection.

The reasons are pretty simple: too many expenses and not enough revenue, although tax credits it was due from the British government are also said to be partially to blame. As a result, the outfit responsible for - among numerous other accolades - five LMP2 titles at Le Mans since 2000 alone is entering financial administration as it seeks new investors.

Along with it, Lola Cars is taking Lola Composites, however the effect this might have on its concerns in defense and aerospace (among other areas) remains to be seen. As is the future of the SP/300.R track car which Lola builds for Caterham, or the countless racing teams that continue to count on Lola to build and support their sports prototypes. But with so many racing programs at stake, we can hardly imagine the company's considerable capabilities and expertise will go unclaimed for long. Scroll down for the official announcement.

Continue reading Lola files for bankruptcy

Lola files for bankruptcy originally appeared on Autoblog on Wed, 16 May 2012 18:02:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>administrationbankruptcyfinancial administrationlolalola bankruptcylola carslola compositesreceivershipWed, 16 May 2012 18:02:00 EST http://www.autoblog.com/feed/20239537/article-comments.xml http://www.autoblog.com/feed/2012/05/16/lola-files-for-bankruptcy/20239537/article-detail.xml 20239537 http://www.blogcdn.com/www.autoblog.com/media/2012/05/lola-conference_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/05/lola-conference.jpg <![CDATA[Azure Dynamics files for protection, Transit Connect Electric production halted]]>http://www.autoblog.com/2012/03/30/azure-dynamics-files-for-bankruptcy-protection-transit-connect-electric/http://www.autoblog.com/2012/03/30/azure-dynamics-files-for-bankruptcy-protection-transit-connect-electric/http://www.autoblog.com/2012/03/30/azure-dynamics-files-for-bankruptcy-protection-transit-connect-electric/#commentsFiled under: , , ,

transit connect electric

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 that adds the all-electric powertrain to Ford's practical little Transit Connect Electric. For now, no new TCEs will be made. Azure's Mike Elwood told AutoblogGreen that production of the Transit Connect Electric has stopped as a result of the restructuring and that, "While we go through our restructuring there will be no TCE activity until we present an approved plan." We're told that warranty issues for those who have already purchased a Transit Connect Electric will be a part of this plan.

Ford's Wes Sherwood told AutoblogGreen that Azure's filing does not affect Ford's overall EV and green-vehicle strategy. "Our priority is to ensure that Azure's Transit Connect Electric customers continue to have support throughout their ownership experience," he said. "Our Ford electric vehicle product plans remain on track, as part of our commitment to provide customers the power of choice for fuel economy solutions across our lineup - from EcoBoost-powered vehicles and hybrids to plug-in hybrids and full electrics."

Azure Dynamics joins a list of companies that were looking to capitalize on an increase in demand for battery-electric and plug-in hybrid-electric vehicles but have had problems staying afloat. Extended-range plug-in utility vehicle maker Bright Automotive folded last month amid its claims that the federal government took too long to process the $400 million in loans promised to the company, while Fisker Automotive, which makes the extended-range plug-in Karma, has faced questions about its own future and most of the federal government loans earmarked for the company have been delayed.

Continue reading Azure Dynamics files for protection, Transit Connect Electric production halted

Azure Dynamics files for protection, Transit Connect Electric production halted originally appeared on Autoblog on Fri, 30 Mar 2012 10:28:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>asset protectionazureazure dynamicsbankruptcycanadacreditorselectric vehiclefordtransit connectFri, 30 Mar 2012 10:28:00 EST http://www.autoblog.com/feed/20204861/article-comments.xml http://www.autoblog.com/feed/2012/03/30/azure-dynamics-files-for-bankruptcy-protection-transit-connect-electric/20204861/article-detail.xml 20204861 http://www.blogcdn.com/green.autoblog.com/media/2012/03/ford-transit-connect-electric-628h_thumbnail.jpg http://www.blogcdn.com/green.autoblog.com/media/2012/03/ford-transit-connect-electric-628h.jpg <![CDATA[New polls indicate Americans warming to auto bailouts]]>http://www.autoblog.com/2012/03/14/new-polls-indicate-americans-warming-to-auto-bailouts/http://www.autoblog.com/2012/03/14/new-polls-indicate-americans-warming-to-auto-bailouts/http://www.autoblog.com/2012/03/14/new-polls-indicate-americans-warming-to-auto-bailouts/#commentsFiled under: , , , ,

GM engine line worker

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 conducted in February shows the gap between those who approve of the measures and those who remain opposed has shrunk, while a different, more recent poll shows a slim majority of Americans now support the bailout. In the midst of the 2008-2009 crisis, polls suggested that three out of four people were against government intervention.

The New York Times suggests the post-bailout success of the automakers is the most likely driver of the change in attitude, citing the return to profitability of both Chrysler and GM. That success has resulted in real job creation, with some 126,500 positions in the motor vehicle manufacturing industry added, according to the report. GM has promised to spend $2 billion on factory investments this year and next, including $385 million at its Romulus, MI, engine plant pictured above.

That the actual cost of the bailout has been revised downward by more than 80 percent, to $14 billion, has likely played a part in public perception as well.

New polls indicate Americans warming to auto bailouts originally appeared on Autoblog on Wed, 14 Mar 2012 11:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>auto bailoutbailoutbankruptcybushbush administrationchryslergeneral motorsgmobama adminstrationWed, 14 Mar 2012 11:30:00 EST http://www.autoblog.com/feed/20193039/article-comments.xml http://www.autoblog.com/feed/2012/03/14/new-polls-indicate-americans-warming-to-auto-bailouts/20193039/article-detail.xml 20193039 http://www.blogcdn.com/www.autoblog.com/media/2012/03/gmromulusinvestment0344-opt_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/03/gmromulusinvestment0344-opt.jpg -1 2