Filed under: Sedan, Government/Legal, Technology, Police/Emergency, Diesel
So much for Carbon Motors. The would-be police pursuit vehicle manufacturer has officially filed for Chapter 7 bankruptcy (read: liquidation) according to the Indianapolis Business Journal. The company officially lists its liabilities at $21.7 million and its assets at a mere $18,976, including one prototype, a few bits of furniture, books and the company’s intellectual property. Some of the largest debtors are investors and suppliers, including BMW. The German automaker claims Carbon Motors owes them some $3 million.
Carbon Motors built a business model around for its diesel-powered E7 police car by securing a Department of Energy loan through its Advanced Technology Vehicles Manufacturing program for $310 million, but the US Government denied the company’s application in March of 2012. From that point, it was evidently only a matter of time before the company caved in on itself. The warning signs were already thick on the ground when it was revealed that the company had quietly pulled out of its Connerville, Indiana plant back in April.
Bankruptcy protection shields Carbon Motors from lawsuits against the manufacturer. That’s good news, considering three former executives have already filed a lawsuit against the company earlier this year for $600,000 in deferred wages.
Carbon Motors officially files for bankruptcy, lawsuits follow originally appeared on Autoblog on Wed, 19 Jun 2013 11:00:00 EST. Please see our terms for use of feeds.
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Janet Burney and Pat Byers may have been your average lovebirds back in 2007 when they started dating. Fast-forward a few years to March 2010, however, and the two had ended their relationship. Nothing unusual there, except that Janet was an autoworker for Chrysler and Pat is a union official for the United Auto Workers. Correction: We should say “was a worker,” because after their relationship ended, Burney alleges she was fired… and now she’s suing.
German wheel manufacturer BBS has declared bankruptcy, and it’s not the first time. Back in 2007, BBS was plagued with financial difficulties but Punch International stepped in to provide much-needed capital. The news of a second bankruptcy, which was filed on December 30, apparently came as a shock to the hundreds of employees and even corporate partner IG Metall. The latter was getting ready to put a few million bucks into BBS and rival company Ronal was ready to buy BBS’ Herbolzheim factory. We can only hope that BBS makes a strong recovery and we’re not forced to look at BBS Bear wheels. 