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Saab unable to pay wages as financing crisis deepens
Fri, 24 Jun 2011Saab's money troubles have worsened to the point that the struggling car maker is unable to pay its employees' wages on the eve of the Swedish mid-summer vacation period.In a brief official statement last night, Saab's parent company Swedish Automobile N.V (formerly Spyker Cars) announced that it was 'will be unable to pay the wages to employees as it has not yet obtained the necessary short-term funding.' While Swedish Automobile and Saab continue to pursue options for securing short-term financing to solve the cashflow crisis, the company admitted 'there can however be no assurance that these discussions will be successful or that the necessary funding will be obtained.' Saab share prices tumble, Swedish government will not intervene Reaction to the worsening financial crisis from stakeholders has been predictably bleak. Swedish Automobile's shares dropped 61% in value yesterday, and are currently trading at 0.948 euro. The Swedish government, already guaranteeing a €400m loan to Saab by the European Investment Bank, shows no inclination to bail-out Saab, which employs 3800 staff.
Classic Design Concepts to debut "Bad Penny" Ford Mustang
Thu, 31 Oct 2013There won't be a shortage of custom-built Ford Mustangs at the upcoming SEMA show in Las Vegas, and there's one car that's already making waves before the show has even started. Classic Design Concepts has published photos and details of the "Bad Penny" Mustang that will be debuting at the show, and the company promises that it will be as fast and as mean as it looks. The base vehicle used for the build is a 2014 Ford Mustang GT, with a 5.0-liter four-valve Ti-VCT V8 engine mated to a six-speed manual transmission.
Bankruptcy will delay Chrysler's 2010 model launches, exec says
Mon, 04 May 2009Chrysler LLC will be late getting its 2010 vehicles to market because of the automaker's Chapter 11 bankruptcy filing, Chrysler manufacturing chief Frank Ewasyshyn testified today. The current shutdown of plants and stresses on suppliers also threaten to delay the 2011 models next year, Ewasyshyn said. The changeover to 2010 models is delayed while Chrysler tries to emerge from bankruptcy within the next 30 to 60 days, he said.