Tag: bankruptcy

By on August 12, 2016

General Motors #AMERICA

General Motors hopes to avoid paying up to $10 billion in liabilities by challenging last month’s appeals court ruling in the faulty ignition switch saga.

The automaker wants a rehearing after the court ruled that it couldn’t use its 2009 bankruptcy to block hundreds of crash-related lawsuits, according to the Wall Street Journal. (Read More…)

By on August 5, 2016

2016 Dodge Viper ACR

We know that Chrysler put its Viper operations up for grabs as the company — and country — spiraled into economic disaster back in 2008, but the date of the V10-powered sports car’s near-salvation at the hands of investors is hazy.

James Glickenhaus, the actor, economic adviser and small-batch supercar builder, told TTAC’s Ronnie Schreiber that a group of buyers almost saved the Viper and its Detroit assembly plant, but the deal fell through. Which is why the Viper is going away, right about….now.

But Glickenhaus left out a key detail of his recollection — the date. (Read More…)

By on June 14, 2016

2008 chrysler sebring

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…)

By on March 17, 2016

DeLorean DMC-12

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…)

By on November 16, 2015

CaparoT1

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…)

By on August 1, 2015

Spyker C12 Zagato (courtesy zcars.com.au)

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.

(Read More…)

By on April 21, 2015

Erik Buell Racing

Erik Buell Racing filed for receivership last week, but Buell himself has vowed to reorganize and give it another try (if he can).

(Read More…)

By on February 11, 2015

Maeva Advisors LLC Founder and CEO Harry Wilson Interview

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.

(Read More…)

By on September 29, 2014

National-Electric-Vehicle-Sweden

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.

(Read More…)

By on April 14, 2014

GM ignition diagram

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.

(Read More…)

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