Bankruptcy

China's Wanxiang to rebrand Fisker as Elux, report says

9:26 am U.S. ET | Feb. 23, 2015
Chinese auto parts maker Wanxiang Group will push back its planned relaunch of the defunct Fisker Karma hybrid sports car until mid-2016 and rebrand Fisker Automotive as Elux, two sources familiar with the plan told Reuters on Sunday....
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Supplier Chassix misses 2nd bond payment; creditors concerned

8:46 am U.S. ET | Feb. 17, 2015
After missing a payment of more than $17 million to bondholders this month, Chassix has asked the bondholders to organize and retain advisers -- and a creditor's filing asserts that the company is taking steps toward a possible bankruptcy....
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Nexteer eyes brand development with HQ move to suburban Detroit

9:47 am U.S. ET | Feb. 2, 2015
Chinese-owned auto supplier Nexteer Automotive, the former Delphi steering unit, is moving its headquarters to suburban Detroit as it seeks to grow its brand recognition....
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Spyker wins appeal against bankruptcy

Jan. 31, 2015 11:59 CET
Dutch supercar maker Spyker won its appeal against being placed in bankruptcy. Spyker CEO Victor Muller now plans to push ahead with development of the B6 Venator entry-level luxury sports car, and to merge with a U.S.-based electric aircraft manufacturer....
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Paperwork error on GM loan will cost JPMorgan $1.5 billion, U.S. court rules

1:24 pm U.S. ET | Jan. 21, 2015
A 2008 paperwork error in a loan agreement with General Motors, before the automaker went into Chapter 11 bankruptcy, will cost JPMorgan Chase $1.5 billion, a federal appeals court ruled today....
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Four former Chrysler dealers could reopen under U.S. appeals court ruling

2:58 pm U.S. ET | Jan. 20, 2015
One Las Vegas dealership and three former Detroit area dealerships -- Livonia Chrysler Jeep, Fox Hills Chrysler Jeep and Village Chrysler Jeep -- could get a chance to reopen more than five years after a Chrysler Group LLC decision to close them, according to a federal appeals court ruling....
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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....
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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....
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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....
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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....
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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....
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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....
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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....
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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....
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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....
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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....
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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....
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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....
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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....
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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....
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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....
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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....
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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....
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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....
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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....
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