#bankruptcy

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.

With time, it has seen some positive developments, but things don’t look any better for the foreseeable future.

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.

The administrator in charge of the Saab bankruptcy proceedings has told a Swedish court that the process must stop.

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.

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.

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.

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.

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.

The Norway-based electric car maker Think has been acquired by one of its investors, Russian businessman Boris Zingarevich, who plans to relaunch Think.

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 this Monday if their members have not received their unpaid wages. “Then the company has seven days to react,” IF Metall representative Veli-Pekka Saikkala told Reuters. “After that there are two alternatives. Either we see that the situation can be solved, or we demand that Saab is put into bankruptcy.”

Evidently, the third time wasn’t the charm for Think, the Norwegian manufacturer of small electric vehicles. The company has gone bust for the fourth time in its 20 year history. Think attempted to restructure, but was ultimately not successful.

NJMP is one of the newest tracks in America, having opened its doors back in 2008. It currently has two road courses and a professional karting track. Future plans included adding a tri-oval and an off-road track.

BBS wheels are arguably one of the most famous brands in the automotive industry. Appearing on everything from Volkswagens to Formula 1 race cars, the high-quality German made rims have been a staple of both the “show” and “go” sides of the industry for decades. But reports out of Germany state that BBS filed for bankruptcy on December 30th.

If you’ve ever driven on Interstate 95 north of Fort Lauderdale, you’ve doubtlessly seen Champion Motors in Pompano Beach, Florida, home of the world’s largest Porsche dealership. Unfortunately, the dealership also suffered a Chapter 11 bankruptcy earlier this year, and its recovery story in Portfolio magazine gives the layman an interesting look into how dealerships operate.