Famous for being a failed savior, a financial hound of Hades has come to the aid of Gawker Media and its many online publications.
Cerberus Capital Management L.P., the infamous private equity firm that produced headline gold — and not much else — after its ill-fated 2007 purchase of Chrysler, is now offering cash to another bankrupt company. The firm announced it will hand Gawker $22 million to keep the lights on while the media giant completes its bankruptcy proceedings and sell-off. (Read More…)
Listen, we don’t want any trouble.
St. Paddy’s Day is a time for all of us — black and white, Irish and American, Catholic and Protestant and all those other religions — to come together and figure out how much green food coloring can be consumed before it has a laxative effect.
But, as we think of the Emerald Isle today, our minds can’t help but be reminded of a famous and totally ballin’ export from the troubled north — the DeLorean DMC-12. (Read More…)
Caparo Industries chairman Angad Paul died Nov. 9 in an apparent suicide just days after the steelmaking company his father founded, and Angad ran, announced massive job cuts and forced administration in Britain, according to The Guardian (via Autoblog).
Caparo Industries is the parent company of Caparo Vehicle Technologies, which produced the Caparo T1 and was planning a higher-end version of the car to go on sale.
The Caparo T1, which was developed with help from McLaren engineers, lived on the fringes of the supercar market with only 16 examples sold in the UK for around $360,000. It was also built at a short-lived plant in the U.S. Prince Albert of Monaco helped unveil the car in 2006 and it later appeared in several racing events around the world, including Goodwood. (Read More…)
Spyker — the former Saab owner, F1 contender, and builder of aircraft-inspired supercars — has emerged from moratorium and plans to merge with Portland, Oregon electric aircraft manufacturer Volta Volare, said the company in a release on Thursday.
As part of Spyker’s future plans, electrification seems to be the common theme, whether it be for airplanes or automobiles. Now silver-tongued Skyper CEO, Victor Muller, only needs to find an electric train company to complete the set for a modern movie remake.
Erik Buell Racing filed for receivership last week, but Buell himself has vowed to reorganize and give it another try (if he can).
The man who helped General Motors restructure in 2009 now wants the automaker to buy back $8 billion in shares to help boost its value.
With the Saab name reclaimed by the mothership, a host of financial problems, and no product beyond a 10-year-old platform, what else is left for National Electric Vehicle Sweden to do? If you said, “Tap out,” then you just might see that hand pounding the mat rather quickly.
Automotive News reports dealers are still waiting for the ignition switches meant to replace the out-of-spec switch at the center of the ongoing recall crisis at General Motors. The switch was to have arrived at dealerships beginning this week, yet most dealers are in a “holding pattern” on deliveries. Once the parts do arrive, service bays will begin work on affected customer vehicles immediately before turning toward the used lot, where vehicles under the recall are currently parked until the customer vehicles are fixed.
In addition to pledging to do business differently in the wake of a 1.6-million vehicle recall over a faulty ignition switch and the decade-long delay behind the recall, post-bankruptcy General Motors may find itself protected by its former self before the court of law for any accidents resulting from the switch.
Last week, Rueters reported that Wanxiang, a Chinese parts supplier, had won the bankruptcy auction for Fisker Automotive. The bid was valued around $149.2 million. The deal comes to close after a bidding war between Wanxiang and Hybrid LLC — a group who includes Richard Li, a Fisker investor and Hong Kong billionaire. In November, Fisker asked for Hybrid Technology LLC to purchase the bankrupt company for $25 million, but creditors objected the deal in November and brought Wanxiang into the case in December.
Today Delaware, U.S. Bankruptcy Judge Kevin Gross approved of the sale to Wanxiang. He stated that the auction “shows that a fair process is a good thing.”