Archive for the ‘bankruptcy’ tag

Aston Martin out of cash as Arab owners in trouble

The Aston Martin luxury-sports carmaker is in trouble after the Kuwaiti “sovereign wealth fund” that owns 51% of the luxury carmaker admitted it was struggling to refinance its debt. Continue reading »

Saab bought by Koenigsegg and other investors

Swedish TV reports suggest that Koenigsegg, maker of extremely high-end exotic supercars, along with a group of Norwegian investors, have signed a letter of intent with Saab to buy out the ailing brand from General Motors. Continue reading »

Chrysler out of bankruptcy as Fiat becomes owner

After overcoming various obstacles, from disgruntled dealers to old-fart pensioners, the sale of Chrysler to Fiat is finally complete. The deal took 42 days, but the sale is now official. Fiat now owns most of Chrysler’s assets and will receive $6.6 billion in “exit financing” from the federal government. Continue reading »

Porsche to sell out to Qatar government

Like cheap two-dollar sluts, one after the other the premium European car manufacturers are selling out large chunks of their shares to temperamental-but-rich Arab countries. After the Kuwaitis have bought out Aston Martin and Abu Dhabi Emiratis have become large shareholders in Mercedes-Benz and Ferrari, Porsche is reportedly close to a deal that would see the Qatari government become a major shareholder to help Porsche pull itself out of debt that it so stupidly put itself in after trying to take over the Volkswagen Group. Continue reading »

General Motors officially bankrupt

General Motors, once the world’s largest automaker, has officially filed for bankruptcy. As analysts have known for months finally got confirmed, the largest car manufacturer in the world filed for “Chapter 11 bankruptcy protection” on June 1, 2009 in a New York court, declaring $82 billion in assets and $172 billion in debts. Continue reading »

Chrysler LLC submits plan for electric vehicles

Chrysler LLC announced that they have submitted three proposals outlining a plan, to the tune of $448 million, for the U.S. Department of Energy (DOE) in order to rapidly bring Electric Vehicles (EV) and Plug-in Hybrid-electric Vehicles (PHEV) to market. Continue reading »

Chrysler offering $1000 vouchers, bouncing checks

Chrysler is in a seriously tight spot right now financially. And the things they do are not helping their image whatsoever. Continue reading »

GM to close 1100 dealerships by 2010

As part of GM’s viability plan, General Motors plans to reduce its dealer network from 5,969 stores today to approximately 3,600 by the end of 2010. Continue reading »