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Crunch watch Apr 09: the auto industry in crisis
Thu, 30 Apr 2009By Tim Pollard and Ben Pulman Motor Industry 30 April 2009 17:21 Welcome to CAR's news aggregator as we round up the seismic change in the auto industry. Top tip: news summaries are added from the top hour-by-hour Thursday 30 April 2009• It's official: president Barack Obama confirms this afternoon Chrysler will file for Chapter 11 bankruptcy protection as it strikes a patnership with Fiat (Automotive News, subscription required)• 'Over the past month, seemingly insurmountable obstacles have been overcome,' says Obama. 'Chrysler and Fiat have formed a partnership that has a strong chance of success' • Chrysler is filing for bankruptcy protection under Section 363(b) of Chapter 11 bankruptcy code – expected to last for 30-60 days (Detroit News)• Treasury to pay Chrysler $4.5 billion 'in exit financing'• Chrysler tipped to get new board of directors.
IDEA Institute acquired by Quantum Kapital
Tue, 22 Jun 2010Turin-based automotive design, modeling and engineering firm IDEA (Institute of Development in Automotive Engineering) has been sold to Quantum Kapital AG, an investment company with an industrial emphasis based in St. Gall, Switzerland. The transaction is expected to be completed in the next few weeks.
MG and 'Rover' set to re-join forces
Tue, 03 Jul 2007By Keith Adams Motor Industry 03 July 2007 01:29 Reports in China suggest that Shanghai Automotive Industry Corp (SAIC) is once again in talks with Nanjing Automobile Corp (NAC), the owners of the MG marque and the Longbridge factory. The deal is being backed by Chinese government, which wants to see more cars sold in export markets. Are we looking at the creation of a latter day MG Rover based in the Far East?