CARVER EUROPE, the Dutch company responsible for the extraordinarily dramatic Carver One three-wheeler, has declared bankruptcy and closed up shop.

While not exactly possessing the broadest consumer appeal, the Carver One - which put in an appearance at the Melbourne Motor Show - boasted a unique and innovative automatic tilting mechanism that improved manoeuvrability while looking [...]

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GENERAL MOTORS is looking to divest itself of around AU$15 billion in costs during its Chapter 11 reorganization, leading to a GM that could actually turn a profit, spend more on development, and resuscitate supply lines when existing stock clears out and new models can once again become the focus.

GM is also hoping to [...]

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A US SUPREME COURT Justice has temporarily blocked the sale of Chrysler LLC to a consortium led by Fiat SpA,  a move made at the behest of three Indiana pension funds who say the deal is illegal.

Justice Ruth Bader Ginsberg ordered a stay of the sale on Monday, giving the Supreme Court time to consider [...]

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HOLDEN ANNOUNCED late last night that it is to continue normal operations in Australia and New Zealand, and will not be adversely impacted by General Motors’ filing for bankruptcy protection in the US.

In news certain to be welcomed by the Rudd Government and Holden’s employees and suppliers, Holden said there will be no direct impact [...]

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THE PATH HAS BEEN cleared for Fiat SpA to take the reins at Chrysler after US Bankruptcy Judge Arthur Gonzalez today announced his ruling approving the sale.
“The sale motion is granted in its entirety and entry into and performance under and in respect of the purchase agreement and the sale transaction is approved,” Judge Gonzalez [...]

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IN A MOVE that will have surprised no-one: General Motors US will file for bankruptcy early tomorrow morning, Australian time.

As outlined in an announcement from the Obama Administration detailing the bankruptcy process, the move will leave the US Government – and consequently, US tax-payers - with a 60 percent equity stake in the giant automaker.

The [...]

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GM US HAS OVERNIGHT moved one step closer to bankruptcy following the rejection of a debt for equity offer by GM to its bondholders (the banks and institutions holding US$27.2 billion in GM debt securities).

Chapter 11 bankruptcy protection for GM is now all-but certain; perhaps as early as tomorrow. Of such a size and [...]

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WITH THE JUNE 1 DEADLINE for restructure now just days away, reports that GM is likely to file for Chapter 11 bankruptcy next week are gaining ground in the US.

Both the Washington Post and Associated Press are leading with the view that President Barack Obama will bring the curtain down on GM next week, putting [...]

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General Motors must be wondering whose headstone it has kicked over. Just when it seemed news could get no worse for the giant automaker, it gets worse.

GM is now reporting that it chewed through US$10.2 billion in the first quarter of 2009 as sales plunged, posting a US$5.98 billion loss – a net loss of [...]

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What will US Chrysler’s Chapter 11 filing and global strategic alliance with Fiat mean for Chrysler Australia and its Australian customers? TMR spoke with Jerry Stamoulis, Manager Public Relations, Chrysler Australia.
“The most important thing to understand is that the bankruptcy filing only involves Chrysler US: Chrysler Australia does not fall under the bankruptcy,” Mr Stamoulis [...]

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Chrysler LLC has filed for Chapter 11 bankruptcy overnight and at the same time announced what is being referred to as an ‘industry-changing’ deal with Fiat.

Chrysler has spent weeks negotiating with its lenders in an attempt to avoid bankruptcy, but has failed to gain the support needed.

This is the best result given Chrysler’s huge restructuring [...]

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Word on the wire is that US President Barack Obama will announce that Chrysler LLC will be placed into Chapter 11 bankruptcy, a move which will enable Chrysler to continue operations while temporarily relieving it of its substantial debt obligations.

Chapter 11 bankruptcy protection has been a likely option for some time now, and, perhaps strangely, [...]

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