News hit last week that Spyker appeared to be in trouble. Citing an outstanding tax bill, local authorities had apparently seized an array of the company's assets – including racecars, road cars, concept cars and spare parts – and were selling them off in order to pay off the company's debt. It now seems, however, that Spyker is in the clear. In a statement sent to Autoblog, Spyker CEO Victor Muller said:
While Tesla Motors' Model S is a piece of pristine, well-designed metal, the company's bonds have now been rated as "junk." But maybe that's better than the other way around. We'll let the investors decide.
The Lotus F1 team has fallen on some hard times. Majority-owned by investment firm Genii Capital and having little to do with the British automaker with which it shares its name, the Enstone-based outfit has been widely reported to be in serious financial trouble. The extent of those difficulties were until now unknown, but a new report from Germany's Auto Motor und Sport reveals that the team is in the red to the tune of £114 million – equivalent to $186 million at today's conversio
According to Reuters, the Swedish government is pursuing a $15.9 million debt that it says is owed by Saab. The country said that if the carmaker's newest owner, Spyker, didn't turn over the funds by September 20, that it would leave the matter in the hands of its official debt collector. Since that date has already come and gone, we can only imagine that there's a crack team of burly looking Swedes threatening to break some kneecaps in Zeewolde as you read this. Meanwhile, Spyker CEO Victor Mul
Repayment of the $4.5 billion life-line in U.S. and Canadian loans that a federal bankruptcy court allowed yesterday is "highly unlikely," according to Ron Manzo, a top company adviser. To Chrysler's bankruptcy legal team, that is not the issue. Urging the court "to let this company live," automaker attorney Corinne Ball said "the survival of Chrysler's business is at stake in these proceedings, as is the fate of hundreds of suppliers and thousands of Chrysler dealers around the country."
Mark "the Mullet" Fields dropped some small ordinance during an interview with the Wall Street Journal today, saying that if the slow U.S. economy puts the automaker at risk of not meeting its financial goals for the next two years, it may increase the rate at which it will cut costs.
There are a number of hurdles to overcome when playing to people's egos, adrenal glands and pocket books. When combing the three into a cohesive, four-wheeled package, the task is even more daunting. Although Koenigsegg has only been in the business for five years, it knows that troubles don't end when a fresh set of keys is handed to a customer and backorders fill the coffer.
From all appearances, Ford Motor Company feels it will need a well-baited hook in order to attract investors to its most recent issue of bonds. As such, the Blue Oval crew is offering $2.5 billion with rates as high as 10.75 percent - a record for the company. Analysts state that this is "an expensive way" for the company to hold onto its $21.2B in cash, even as its prepares for yet another round of downsizing. Ford itself confesses that selling credit is currently "a little
According to the Washington Post, debt collectors are lobbying the Federal Communications Commission
(FCC) to again use automated dialers to contact mobile phones of debtors. Previously, collectors could use such
technology but were banned back in 2003 as part of the FCC’s crackdown on telemarketers. Debt collectors argue
they should not be under the same restrictions since their calls are not random, but rather targeted at debtors.
Currently, collectors must dial cell numbers manually. Th