Tag: bankruptcy

By on October 18, 2021

The Pontiac Grand Prix was a long-term staple in Pontiac’s lineup, a Driving Excitement alternative to the Buick and Chevrolet cars with which it shared its various platforms. Though it faded from its initial personal luxury prominence, Grand Prix had one final V8 hurrah at the end of its life. It was a sort of return to form after many years with a maximum of six cylinders. Let’s check out some GXP goodness.

(Read More…)

By on July 20, 2020

German wheel manufacturer BBS is, once again, confronting bankruptcy. However, it’s likely to come out on the other side intact if its own history is anything to go by. During its quest for global dominance, BBS found itself out of money in 2007. Decades of expansion crippled the company’s finances, but not before it became one of the most recognizable wheel brands on the tarmac. In fact, few vehicles from the the tail end of the 20th century suffer from having a set wrapped in rubber.

What would Subaru even be without its World Rally Blue paint and gold BBS wheels? How many racing video games bother to launch without the brand having its best styles represented in the customization menu? Who dares claim the BBS RS isn’t the most iconic mesh wheel in the history of tuning culture?  (Read More…)

By on June 18, 2020

The Securities and Exchange Commission has urged the recently bankrupted Hertz to halt the sale of stock. The rental agency had hoped to raise half a billion on the sale but repeatedly warned that would-be buyers were gambling, as the stock may soon be worthless.

Bizarrely, this hasn’t discouraged investors from glomming onto shares of bankrupt and near-bankrupt companies. Despite the global economy supposedly hurdling into a recession and mass unemployment, Wall Street hasn’t signaled that anything is amiss.

Still, the SEC has grown concerned with the trend and decided to address them with Hertz, according to a recent filing. Trading of Hertz Global Holdings Inc. was halted on Thursday, placing investors in a holding pattern as everyone speculates whether the bankrupt car renter will have to revise its plan to raise cash by selling new shares.  (Read More…)

By on May 22, 2020

Hertz Global Holdings Inc. has been in discussions with creditors in the hopes of making a deal that addresses its missed debt payments and gives the company further leeway. Rental agencies are struggling, with Hertz in the roughest shape of all. All thanks to a certain virus, business has dried up, and Hertz finds itself  sitting on a pile of quickly depreciating cars it cannot afford to replace. The company’s stock also plummeted at the end of February — going from $20.29 per share to today’s $2.86.

The rental agency has until Friday to negotiate an extended forbearance agreement or drop $400 million in lease payments, but news has surfaced that lenders think Hertz declaring bankruptcy may be just as good a solution.  (Read More…)

By on January 23, 2020

What sports car has Aston Martin and TVR-adjacent looks, but is neither of those things? Why, it’s a Ronart! Let’s find out more about the coupe they called Lightning.

(Read More…)

By on January 23, 2020

Carlos Ghosn Rogue Introduction - Image: Nissan

There’s certainly no love lost between former Nissan chairman Carlos Ghosn and the automaker he once helmed. After trashing the company’s sales performance in a Lebanon media conference earlier this month, during which he again accused Nissan of conspiring with Japanese officials to orchestrate his arrest, we know hear he gives the automaker maybe two or three years before it hits rock bottom.

Rock bottom” is where former CEO Hiroto Saikawa said his company was at last May. Maybe there’s still a ways to go. (Read More…)

By on March 15, 2019

Would you like a luxury CUV that’s based on a Cadillac, but contains many unique and unobtainium parts? So many rare parts, in fact, that an owner might be scared to put it on the road? Well then, here’s a Saab for you — it’s a 9-4X, from 2011.

(Read More…)

By on April 20, 2018

Image: General Motors

As April 20th dawns without a wage deal with its workforce, General Motors’ troubled Korean division could be well down the road to bankruptcy.

GM Korea, which recently announced the closure of an assembly plant amid a continued loss of sales and money, needed to reach a deal with its 16,000 workers by today’s date in order to gain assistance from the South Korean government. The division builds the Chevrolet Spark, Trax, and Buick Encore for U.S. customers. Since revealing its restructuring plan back in February, GM Korea failed to gain much-needed wage concessions from its aggressive labor union.

Without this, bankruptcy might be the only option, the automaker claims. (Read More…)

By on April 6, 2018

General Motors workers in South Korea forced their way into company executive offices on Thursday, destroying furniture in response to news that the automaker’s local unit told employees there will be no bonuses due its ongoing cash crisis.

Based on video evidence, the incident itself was weirdly organized, with just a hint of underlying fury. As tables were carefully moved out of the office, perhaps to be destroyed elsewhere, union members tossed chairs, glasses, and the CEO’s various knickknack to the ground. There was also some light smashing of a cabinet and the trampling of a blazer, which was later carefully dusted off and removed from the room by an employee. The whole affair was closer to the hiring of a budget moving crew than a full-blown riot.  (Read More…)

By on March 27, 2018

South Korea’s powerful labor unions have the ability to make vehicle assembly a non-starter, and the country’s workers have been known to strike like it’s going out of style. Just ask Hyundai about that.

As it seeks to bring its operations in the country back from the brink, General Motors would prefer to see its workers’ union bend to its will, agree to the concessions demanded of it, and generally get out of the way. This isn’t happening, so GM’s now playing hardball.

Agree to our cost-cutting plan, the automaker says, or GM Korea declares bankruptcy. (Read More…)

By on November 13, 2017

Faraday Future has issued a strange response to the criticism surrounding its most recent high-profile “staffing adjustment.” Last week, news broke that the startup automaker’s chief financial officer, Stefan Krause, left the firm in October — forcing media outlets to play catch up. When the information made its way to The Truth About Cars, we dug back into Faraday’s current condition and reported that things were still a mess at its California headquarters.

Unwilling to let the automotive media monopolize the conversation, Faraday released a response letter. In it, the company accuses Krause of being fired for “dereliction of duty” and said it would be taking legal action against him. It’s the first time the startup had updated its media page in months and is a peculiar reaction to a staffing change that, at the time, seemed like the least of Faraday’s worries. (Read More…)

By on November 10, 2017

It’s been a while since we’ve discussed the ongoing plight of Faraday Future. While most of this year — and all of the last — was riddled with missteps from the automotive startup, we’ve taken a break from reporting on it. That wasn’t because its situation had improved, however. Oh boy, is that ever not the case.

Earlier this month, details emerged that the business was preparing to file for bankruptcy, followed immediately by the firm denying the validity of those claims. Then, news broke that Faraday’s chief financial officer, Stefan Krause, had quietly resigned in October — despite having been hired specifically to solve the company’s financial troubles back in March.

This got us wondering as to exactly how much more can go wrong before Faraday Future finally throws in the towel. (Read More…)

By on June 26, 2017

Airbags

The impending bankruptcy of Japanese airbag maker Takata Corp. has been teased at and speculated upon for months. It was never a question of whether the parts supplier would go belly-up after causing the largest automotive recall in history, but how and when.

After furnishing dozens of automakers with airbag inflators what were, in essence, improvised grenades, the multi-million unit recall has left Takata with little recourse. The company has filed for bankruptcy protection in both Japan and the United States, announcing it will sell off the majority of its remaining assets to Key Safety Systems. One of the missing assets will be the equipment relating to the company’s nefarious ammonium nitrate airbag inflators.

The devices, subject to exploding with far too much force and spraying vehicle interiors with metal shrapnel, are responsible for a minimum of 16 deaths, hundreds of injuries, and the ruination of the company.  (Read More…)

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…)

Recent Comments

  • mcs: @Garak: It would also be good for search and rescue. In a search, with a gas model, the noise could drown out...
  • Garak: I could see quite a few places where you’d might want an electric model. Countries with expensive gas,...
  • DungBeetle62: Don’t know whose apple my Dad polished but in the early 80s after a parade of awful Cutlasses...
  • JD-Shifty: lowest gas prices were under Clinton. But that’s none of my business. We’ve seen wild price...
  • Buickman: anyone notice AutoNews has eliminated their comment section?

New Car Research

Get a Free Dealer Quote

Who We Are

  • Adam Tonge
  • Bozi Tatarevic
  • Corey Lewis
  • Jo Borras
  • Mark Baruth
  • Ronnie Schreiber