GM to invest about $16 billion in U.S. market by 2016 10:04 am U.S. ET | May 6, 2013  GM is planning to invest about $16 billion on U.S. factories and facilities through 2016, more than it will spend in China, the company said.... Read More »
Ailing EV maker Coda files Chapter 11 12:01 am U.S. ET | May 6, 2013  After selling just 100 all-electric sedans, Coda Holdings Inc. filed for Chapter 11 reorganization last week.... Read More »
U.S. EV maker Coda files for bankruptcyMay 1, 2013 12:18 CET  U.S. green car startup Coda Holdings Inc. filed for Chapter 11 bankruptcy protection today after selling just 100 of its all-electric sedans. Coda launched its $37,250 electric car in California a year ago.... Read More »
DUSTIN WALSH A name change to 456 as easy as 123? Not quite 12:01 pm U.S. ET | April 23, 2013  On March 22, A123 Systems Incorporated became B456 Systems Incorporated. But confusion followed the announcement and continues to follow the battery maker in the wake of its bankruptcy.... Read More »
Energy Department recovers $21 million from Fisker 6:12 pm U.S. ET | April 22, 2013  The Department of Energy says it recovered $21 million in cash from struggling Fisker Automotive that will go toward repaying nearly $200 million in loans extended under a federal program to spur advanced vehicle development.... Read More »
Heuliez, VW in partnership talksApril 17, 2013 11:31 CET  French contract manufacturer Heuliez is in partnership talks with Volkswagen. Heuliez said VW may supply parts to the company in exchange for manufacturing services.... Read More »
Former A123 battery maker's settlement with Fisker approved 12:19 pm U.S. ET | April 17, 2013 B456 Systems, the bankrupt electric-car battery maker formerly called A123 Systems, received approval of a settlement with Fisker Automotive, reducing its claims by 89 percent to $15 million.... Read More »
JAMIE LaREAU Good news for sellers: Blue sky values appear strong 1:05 pm U.S. ET | April 16, 2013  It appears blue sky values are back, even at dealerships in distress. Take two recent examples out of California.... Read More »
Fisker preparing to file Chapter 11 as soon as this week, report says 4:04 am U.S. ET | April 9, 2013  Fisker Automotive could file for bankruptcy protection as soon as this week as the U.S. Department of Energy pressures the green-car startup to pay back nearly $200 million in government loans, Reuters reported today.... Read More »
Former A123 battery maker settles supply claim with FiskerApril 4, 2013 06:01 CET The bankrupt electric-car battery maker formerly called A123 Systems, renamed B456 Systems, reached a settlement in which Fisker Automotive reduced its claims by 89 percent to $15 million. The accord with the bankruptcy case's unsecured-creditors' committee will substantially cut Fisker's $140 million in claims stemming from a rejection of its supply agreement and alleged breach of warranty obligations, according to court documents filed Tuesday in Wilmington, Del.... Read More »
Former A123 battery maker settles supply claim with Fisker 5:19 pm U.S. ET | April 3, 2013 The bankrupt electric-car battery maker formerly called A123 Systems, renamed B456 Systems, reached a settlement in which Fisker Automotive reduced its claims by 89 percent to $15 million. The accord with the bankruptcy case's unsecured-creditors' committee will substantially cut Fisker's $140 million in claims stemming from a rejection of its supply agreement and alleged breach of warranty obligations, according to court documents filed Tuesday in Wilmington, Del.... Read More »
Bankrupt Toyota store in Florida sells for $18.7 million 10:33 pm U.S. ET | March 22, 2013 A federal bankruptcy court has approved the sale of a bankrupt Toyota dealership in St. Augustine, Fla., for $18.7 million. The buyer, Michael Beaver, owner of Beaver Toyota in Santa Fe, N.M., will close on the sale in April, said Joe Luzinski, senior vice president of Development Specialists Inc. in Miami.... Read More »
GM's liquidating trust settlement talks fail 10:34 am U.S. ET | March 19, 2013  The trust liquidating General Motors' old assets in bankruptcy said settlement talks with a group of note holders failed, in a lawsuit over how hedge funds made claims in the company's 2009 bankruptcy.... Read More »
Chrysler restructuring expert tapped to fix Detroit's fiscal woes 7:49 am U.S. ET | March 15, 2013  Kevyn Orr, Michigan Governor Rick Snyder's pick to take control of Detroit, will probably need every ounce of experience he gained helping Chrysler Group reorganize to create a plan for the Motor City to survive.... Read More »
A123 wins court approval to seek creditors' vote on payment plan 6:34 pm U.S. ET | March 14, 2013  A123 Systems, the bankrupt former electric-car battery maker, won court approval to seek votes from creditors on its repayment plan.... Read More »
Lutz, 3 other former Chrysler execs lose pension appeal 4:15 pm U.S. ET | March 13, 2013  A federal judge has rejected an appeal by four former Chrysler executives, including Bob Lutz, over the automaker’s decision to reduce retired executives’ pension benefits as part of its 2009 restructuring plan, said Mayer Morganroth, the lawyer for the plaintiffs.... Read More »
Chrysler bankruptcy lawyer is Detroit financial manager pick, reports say 1:23 pm U.S. ET | March 12, 2013  Kevyn Orr, a lawyer who earned $1 million in fees for helping manage the Chrysler bankruptcy in 2009, is Michigan Gov. Rick Snyder's top pick to be Detroit's financial emergency manager, a source with direct knowledge of the choice told Reuters today.... Read More »
Court OKs Am. Suzuki's Ch. 11 plan 12:01 am U.S. ET | March 11, 2013 With every new-car sale, American Suzuki Motor Corp. inches closer to ending its nearly 30-year history of selling automobiles in the United States.... Read More »
American Suzuki bankruptcy plan approved by U.S. court 8:40 am U.S. ET | March 2, 2013  American Suzuki received bankruptcy court approval of its Chapter 11 reorganization plan to wind down U.S. auto operations and continue selling motorcycles, ATVs and boat engines.... Read More »
HANS GREIMEL Nikkei's take on bailout: Japan saved GM 5:50 pm U.S. ET | Feb. 28, 2013  Did the U.S. taxpayer save General Motors? Or was it really saved by the missteps and misfortunes of Japan's automakers?... Read More »
A123 says unsecured creditors to get 65% of claims 2:28 pm U.S. ET | Feb. 7, 2013  Unsecured creditors of A123 Systems, a bankrupt maker of batteries for electric cars that had federal government backing, will likely collect around 65 cents for each dollar they are owed, according to court documents.... Read More »
As auto parts empire falls, a money puzzle emerges 12:47 pm U.S. ET | Feb. 7, 2013  Revstone Industries Chairman George Hofmeister is watching his auto parts empire crumble even as automakers continue to do business with the organization. The company and its affiliates, which once posted $600 million in annual revenue, filed for Chapter 11 bankruptcy protection Dec. 3 after a county court in northern Michigan ordered the company to pay nearly $27 million owed to its largest creditor. But that is just the tip of the iceberg.... Read More »
Wanxiang interested in aiding Fisker after A123 purchase 8:04 am U.S. ET | Jan. 31, 2013 Chinese supplier Wanxiang Group, which just won approval to acquire battery maker A123 Systems, said it now wants to help support A123's main customer, Fisker Automotive, the financally troubled plug-in hybrid sports car maker.... Read More »
GM could face $918 million hit from bankruptcy-related lawsuit 5:43 pm U.S. ET | Jan. 3, 2013  A federal bankruptcy judge could soon rule on whether the 2009 government-led restructuring of General Motors improperly favored hedge funds, and an adverse ruling could cost the automaker nearly $1 billion.... Read More »
GM trust to sell former La. plant to maker of high-mileage 3-wheel vehicles 3:19 pm U.S. ET | Jan. 3, 2013 Elio Motors has agreed to purchase a former General Motors assembly plant near Shreveport, La., and will use it to build three-wheeled vehicles that it says will get more than 80 miles on a gallon of gasoline, the company said today.... Read More »
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