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Spyker attempting to sell Saab real estate in money-raising move
Tue, 12 Apr 2011The next chapter in the Saab cash crunch appears to involve Spyker selling Saab real estate to an unnamed financial institution, with the automaker leasing the property back for its operations. Saab has been forced to shut down production twice in the past few weeks in the wake of unpaid supplier bills, raising concerns that Dutch owner Spyker may be facing a liquidity crunch. The latest move is likely aimed at freeing capital for the automotive operations while the company negotiates for a loan with the help of the Swedish government.
GM speeds development of cars delayed during battle for survival
Thu, 17 Dec 2009With bankruptcy behind it, General Motors is speeding up the development of vehicle programs that had been delayed. One car, the next generation Chevrolet Malibu, will go on sale in two years. In August, GM executives said that car would debut a year later, in 2012.
U.S. will honor clunker rebates until Senate acts, DOT chief says
Mon, 03 Aug 2009The Obama administration will fund the cash for clunkers program until the Senate decides whether to add $2 billion to the original $1 billion fund that is likely to be depleted this weekend, U.S. Transportation Secretary Ray LaHood said today. He said the administration would honor dealer rebate applications filed at least through Tuesday, Aug.