Saab may be on the brink of bankruptcy, again. Continue Reading...
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It might be time to start saying “buh-bye” to Italian automotive design house Bertone. Continue Reading...
German sports car maker Wiesmann has filed to dismiss insolvency proceedings from earlier in the year. Continue Reading...
Comebacks are all the rage these days. Like Marshall Mathers, the Coda EV is “back, back again,” arriving on sale for customers who missed out on buying one before the company went bankrupt. Continue Reading...
Despite the city filing for bankruptcy, the 2014 Detroit Auto Show will continue unaffected. Continue Reading...
What do JC Penney and Mitsubishi have in common? According to 247wallst.com neither will be around in 2014. Continue Reading...
With a heavy heart the staff of AutoGuide.com say goodbye to 2012, along with its triumphs and tragedies. We await the New Year with open arms, and welcome its promise of a better world. According to the Chinese zodiac, 2012 was a year of the dragon, and it proved to be the stuff of legend,… Continue Reading...
Despite filing for Chapter 11 last month, American Suzuki Motor Corporation (ASMC) is buying an additional 2,500 vehicles from Japan to sell in the U.S. market. Continue Reading...
Bankrupt battery maker A123 Systems was scheduled to go up for auction today behind closed doors at a Chicago law firm, but the list of bidders is likely to cause trouble. Continue Reading...
Suzuki is scrambling to sell its remaining stock in the U.S. and to a certain extent it seems to be working. Continue Reading...
Bold and ambitious, Victor Muller founded Spyker Swedish exotic sports cars before purchasing Saab, believing in its return to past glory under his leadership. Confident in his abilities, Muller’s gamble on Saab put Spyker in danger as well. Following Saab’s devastating bankruptcy, Swedish Automobile N.V. (Swan for short, formerly Spyker Cars N.V.) have announced that there… Continue Reading...
Just yesterday we reported that Saab has announced that it will not honor any warranties effective immediately and they also advised their dealers to sell off the remaining cars ‘as is.’ This news will surely anger anyone who currently owns a Saab that had some warranty left on it. However, General Motors is coming to… Continue Reading...
It’s probably not surprising, but considering the money it’s already put out to try and save Saab, China’s Zhejiang Youngman Lotus Automobile Co Ltd, is still interested in acquiring what assets it can Continue Reading...
Saab‘s clock is ticking quickly to find a way out of bankruptcy with just a “very few days” left to find a loan. Unfortunately, General Motors has been playing a vital role in blocking Saab from selling any of the company to a Chinese automaker, forcing Saab to try to find a loan. Since Saab… Continue Reading...
Saab has officially been struggling for two whole years now, since its problems first came to light in December, 2009. With time, it has seen some positive developments, but things don’t look any better for the foreseeable future. A few months ago, Saab had received a court order that prevented its creditors to push the… Continue Reading...
According to Inside Line, Saab may be ready to re-start production at its factories in as little as 8 weeks, after being sold to two Chinese automakers for $142 million. While Saab was valued at $660 million this summer, both Pang Da and Zhejiang Youngman Lotus Automobile Co. managed to purchase the company at a rock… Continue Reading...
The administrator in charge of the Saab bankruptcy proceedings has told a Swedish court that the process must stop. “The money is not enough to continue the reorganization,”said Guy Lofalk in an interview with Reuters. “Now, an application [to terminate the reorganization] has been mailed. It should be on the court’s desk tomorrow.” Lofalk said… Continue Reading...
Narrowly escaping bankruptcy and liquidation for the 17th time (ok, maybe that’s an exaggeration), Saab has confirmed receipt of a 70 million Euro payment from Chinese investor and automaker Zhejiang Youngman Lotus Automobile Co. Far from a magic wand that will make all of Saab’s troubles go away, the automaker continues to operate in its… Continue Reading...
Saab‘s museum collection of historically significant vehicles was seized by Swedish authorities from the company’s museum. The Swedish Enforcement Office took possession of the museum and other contents, including 13 exhibits, 22 engines and six workshop tools. Saab is said to owe parts suppliers more than $31 million in overdue payments, and the Swedish government… Continue Reading...
Sweden’s debt agency is claiming they have successfully investigated a handful of Saab bank accounts with some success. On Friday, the agency uncovered $796,291 which is enough to cover debts owed to the first four companies waiting for payment. The debt agency has contacted other banks holding Saab accounts in order to understand exactly where the Swedish automaker stands…. Continue Reading...
Poor Saab can’t catch a break. Last week Saab’s European supplier were putting pressure on the Swedish automaker to declare bankruptcy, and this week the car company has pulled out of next months Frankfurt auto show, due to a lack of finances. A Saab spokesperson explained that the car-maker will concentrate its resources on restarting production at… Continue Reading...
Swedish Automobile, owner of financially-stricken Saab, is being pressured by European suppliers to declare bankruptcy, hoping the threat will pressure the automaker to pay back debts. Saab production came to a halt in April, with suppliers refusing to deliver components because they were not being properly paid. Spanish auto panels maker Matrici S. Coop prepared a bankruptcy request,… Continue Reading...
The Norway-based electric car maker Think has been acquired by one of its investors, Russian businessman Boris Zingarevich, who plans to relaunch Think. The electric automaker has filed for bankruptcy for the third time last month after failing to secure finances to continue operating. The automaker released a statement today, regarding a court-appointed trustee choosing… Continue Reading...
Union employees working for Saab are growing impatient after the automaker said it could not pay wages to its workers because it had not yet obtained necessary short-term funding. The unions have threatened legal action that could end in bankruptcy for the automaker. The IF Metall and Unionen groups will send a formal demand for payment… Continue Reading...