Bankruptcy

Former Saab owner Spyker is bankrupt

Dec. 18, 2014 15:38 CET
Spyker -- the Dutch supercar maker that was hurt by its acquisition of Saab from General Motors -- was today declared bankrupt even as founder and CEO Victor Muller vowed to revive the company.... Read More »

 

THE GM RECALL

GM customers demand payment for 'callous cover-up' of defect

7:56 am U.S. ET | Dec. 17, 2014
Owners of General Motors cars with faulty ignition switches turned to the only judge who can help them, saying it's wrong to shield the automaker behind bankruptcy law.... Read More »

 

Spyker files for financial restructuring

Dec. 2, 2014 17:13 CET
Spyker Cars has filed for financial restructuring as the Dutch automaker that was hurt by its acquisition of Saab from General Motors seeks to avoid collapse.... Read More »

 

GM's bankruptcy judge to retire, remain on recall status

3:32 pm U.S. ET | Nov. 17, 2014
The New York bankruptcy judge overseeing part of the fallout from General Motors' problems with faulty ignition switches will retire from the bench, but remain active in so-called recall status for at least a year, his court announced.... Read More »

 

GM asks bankruptcy judge to bar $10 billion ignition claims

6:33 am U.S. ET | Nov. 6, 2014
General Motors asked a judge to knock out lawsuits demanding $10 billion for the lost value of millions of cars recalled this year for ignition-switch fixes and other repairs.... Read More »

 

THE GM RECALL

GM could face extra $2 billion tab if bankruptcy shield crumbles

8:03 am U.S. ET | Nov. 5, 2014
Jesse Salazar III says an ignition switch flaw in his 2008 Chevrolet HHR has depressed its value, and he wants manufacturer GM to make it up to him. GM will argue in court filings later today that it shouldn't owe money to Salazar and hundreds of thousands of people like him.... Read More »

 

Ford to close climate control plant, lay off 257 workers

3:11 pm U.S. ET | Oct. 21, 2014
Ford plans to shed the last line of business in nine-year-old Automotive Component Holdings LLC by December when ACH closes its Sheldon Road climate control plant in suburban Detroit and lays off its last 257 employees.... Read More »

 

THE GM RECALL

GM sued for $10 billion over losses on 27 million recalled cars

1:43 pm U.S. ET | Oct. 15, 2014
General Motors was hit with its biggest lawsuit so far over serial recalls, brought on behalf of drivers of 27 million vehicles seeking more than $10 billion in compensation for fallen car prices.... Read More »

 

In GM bankruptcy, an ex-con and hedge funds find common ground

3:00 pm U.S. ET | Oct. 12, 2014
Roger Dean Gillispie, a former General Motors security guard, spent 20 years in an Ohio prison for rape until a federal court ordered him released in 2011. Now he wants to sue GM for allegedly helping to frame him, and he's getting support from an unlikely source: hedge funds.... Read More »

 

Penske testifies Detroit, like GM, will be cleansed by bankruptcy

1:19 pm U.S. ET | Oct. 3, 2014
Detroit can benefit from a trip through bankruptcy, just as GM used court protection to turn itself around, Roger Penske on Friday told the judge weighing whether to approve the city's $7 billion debt-cutting proposal.... Read More »

 

NEVS lays off staff as Saab output remains idled

12:16 pm U.S. ET | Sept. 24, 2014
China's cash-strapped National Electric Vehicle Sweden said it would lay off up to 200 employees at its Saab car plant in Sweden as production is unlikely to resume anytime soon.... Read More »

 

Warren Buffett is bullish on GM, Detroit

3:33 pm U.S. ET | Sept. 18, 2014
Billionaire investor Warren Buffett said today he is bullish on Detroit and General Motors -- and said he's impressed with CEO Mary Barra.... Read More »

 

Saab carmaker NEVS granted creditor protection by court but loses right to use Saab name

Aug. 29, 2014 12:46 CET
National Electric Vehicle Sweden (NEVS), which bought Saab in 2012, won court protection from creditors today. But the automaker suffered a blow when Saab AB, the defense firm, withdrew NEVS' right to use the brand name Saab for its cars.... Read More »

 

Court rejects creditor protection for Saab owner NEVS

Aug. 28, 2014 11:56 CET
A Swedish court rejected an application from China's National Electric Vehicle Sweden, which bought bankrupt Saab in 2012, for protection against creditors while it concludes funding talks.... Read More »

 

Supplier Dayco names John Bohenick CEO

11:23 am U.S. ET | Aug. 20, 2014
Automotive belt and pulley supplier Dayco Products today named John Bohenick as its new CEO. Bohenick will replace James Orchard in the position.... Read More »

 

Saab's owner seeks partner to secure brand's future

Aug. 19, 2014 11:15 CET
Saab's owner, National Electric Vehicle Sweden, says it is in discussions with potential partners as it seeks to restart car production and develop future models.... Read More »

 

SPECIAL REPORT

Obama aides let Delphi avoid taxes with 'inversion' tactic now assailed

12:34 am U.S. ET | Aug. 6, 2014
President Obama says U.S. corporations that adopt foreign addresses to avoid taxes are unpatriotic. But the administration helped one $20 billion American company, Delphi Automotive, do just that.... Read More »

 

Toyota gives $1 million to help shield Detroit museum's art from bankruptcy sale, aid pensioners

2:34 pm U.S. ET | Aug. 6, 2014
Toyota's North American arm pledged $1 million toward the Detroit Institute of Arts' goal to raise $100 million and help prevent the sale of the museum's collections during Detroit's bankruptcy case and assist city pensioners.... Read More »

 

GM dogged by recalls, lingering dealer disputes in Canada

12:34 am U.S. ET | July 29, 2014
A wave of recalls, lingering disputes with dealers after its 2009 bankruptcy, and weak pickup volume are undermining GM's sales in Canada, the company's seventh-biggest market.... Read More »

 

5 YEARS LATER

June, July 2009 timeline: Beginning of recovery

12:01 am U.S. ET | July 28, 2014
A look back at the events of June and July, 2009.... Read More »

 

5 YEARS LATER

'Cash for clunkers opened up the floodgates'

12:01 am U.S. ET | July 27, 2014
The Car Allowance Rebate System, also known as cash for clunkers, was a lifeline at a desperate time for the U.S. auto industry. Nearly 700,000 vehicles were traded in through the nearly $3 billion program, which provided consumers as much as $4,500 each to trade in an old gas guzzler for a more fuel efficient new model.... Read More »

 

THE GM RECALL

GM seeks broader immunity in switch lawsuits

3:49 pm U.S. ET | July 23, 2014
GM, moving to expand its immunity from lawsuits after recalling almost 29 million cars in North America, said it sees no need to try to settle customer claims until a judge decides whether it's legally responsible for faults in its predecessor's cars.... Read More »

 

KRISHNAN ANANTHARAMAN

GM waive liability shield? It can't

3:22 pm U.S. ET | July 18, 2014
Is it conceivable that Sen. Richard Blumenthal, who is both a lawmaker and lawyer, has only a tenuous grasp of the law?... Read More »

 

THE GM RECALL

GM judge says concealing switch fault would have been fraud

11:56 am U.S. ET | July 2, 2014
General Motors customers who sued the automaker over fallen car prices might have a stronger case if they could prove the company defrauded the court when testifying during its 2009 bankruptcy, a judge said.... Read More »

 

Former supplier CEO wins U.S. House seat in Florida

2:50 pm U.S. ET | June 26, 2014
The former CEO of wheel supplier Hayes Lemmerz is headed to Congress to replace a Florida representative who resigned in January after being busted for possession of cocaine. Republican Curtis Clawson won a special election Tuesday in Florida's 19th District, which includes Naples and Fort Meyers, by garnering 67 percent of the vote.... Read More »

 

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Canadian dealer buries a Jeep, hires an ambassador and puts on the Ritz

Canadian dealer buries a Jeep, hires an ambassador and puts on the Ritz

At Bay King Chrysler, Dodge, Jeep, Ram in Hamilton, Ontario, dealer Jamie Richter has put luxury-hotel touches in his new showroom. They include concierges who see to the needs of service customers. Mon., December 15
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