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Unique Performance files for bankruptcy Photo:
 
 
Steane Klose | Nov, 30 2007 | 0 Comments

This news will come as a shock to any car enthusiast who has seen Gone in 60 Seconds and fallen in lust with Eleanor (the Shelby GT500 Mustang) or fans of Chip Foose or even casual viewers of the Discovery Channel. Automotive News has reported that Unique Performance, the famous Texas based muscle car manufacturer has filed for Chapter 7 bankruptcy and shutdown its operation amidst ?title washing? claims.

The shutdown follows a police raid during which some 61 cars in various stages of construction were seized as evidence. It has been reported that Unique Performance is suspected of buying wrecks from states outside of Texas, rebuilding and issuing them with a new title for sale to its clients. The practice is known as title washing and is obviously illegal.

eleanor-gt500e-mustang-themotorreport.jpg

The facts are not fully known at this stage but it is thought that Unique Performance could owe creditors up to $US100 million. Creditors include suppliers, customers who paid deposits of between $US100,000 and $US250,000 for unfinished vehicles and high profile industry folk such as Carroll Shelby Licensing and Foose Design.

At this stage police investigations are continuing and no arrests have been made but it looks like being one rather large bump in the road for Unique Performance?long live the GT500E Super Snake!

 
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