According to an article in the Star-Telegram, auto parts supplier Visteon Corp., along with some of its U.S. units filed Chapter 11 bankruptcy because of reduced demand from automakers. The article said: "During the reorganization period, we will seek to address our capital structure and legacy costs that are not sustainable given the current economic [...]
According to an article in the Dallas Morning News, the commercial real estate developer of the Heritage at the Stoneleigh Dallas, a luxury residential development in Dallas' Uptown area, has been forced into involuntary bankruptcy by five of its creditors. The article said: AP-Prescott Stoneleigh Residences LP owes $4.7 million primarily to Turner Construction Co. [...]
According to an article in the Dallas Morning News, the bankrupt automaker Chrysler intends to eliminate a 789 of its 3,200 dealerships in the U.S., including eight in the Dallas-Fort Worth area. Chrysler announced in a court bankruptcy filing that it has more dealerships than its business can support and seeks to cancel the contracts [...]
According to an article in the Dallas Morning News, General Motors notified 1,100 of its U.S. based dealerships that they will terminate their contracts late next year. GM, which is facing a possible bankruptcy targeted the most "underperforming" dealers with weak sales and uncompetitive markets for termination. The article said: The cuts are part of [...]
According to an article in the Star-Telegram, auto suppliers are appealing to the government for help as many face the prospect of closure (or bankruptcy) as automakers struggle to survive. The article said: Several suppliers said they would be left vulnerable by Chrysler's decision to idle all of its plants in the U.S. until it [...]
According to an article in the Star-Telegram, General Motors Corp. lost $6 billion in the first quarter after suffering a 50 percent loss in revenue from slumping car sales. The article said: "The concern about bankruptcy is having an impact on our sales," Young told reporters Thursday morning... Revenue dropped from $42.4 billion to $22.4 [...]
According to an article in the Dallas Morning News, the struggling automaker Chrysler will file for Chapter 11 bankruptcy because it was unable to settle debt with lenders. The article said: The filing comes after some of the company's smaller lenders refused a Treasury Department demand to reduce the amount of money the troubled automaker [...]
In the bankruptcy case of Grueneich, James B.; In re (Doeling, Trustee, v. Grueneich) the bankruptcy court voided a property transfer from the debtor to his parents because the court ruled that the transfer was fraudulent/in bad faith. The details of the bankruptcy case: The debtor approached his parents about buying the property for less [...]
The auto industry has been showing some serious downward trends. The big three automakers facing bankruptcy, banks less likely to lend for new cars and car dealerships becoming ghost towns as customers holdback fearing job losses Although the new car sales numbers are dismal, a 36.4 percent drop in Dallas-Fort Worth, an article in the [...]
According to an article in the Dallas Morning News, General Motors Corp. Chief Executive Fritz Henderson confirmed rumors that a GM bankruptcy is probable; but he emphasized that bankruptcy is not preferred by the giant automaker. The article said: In a conference call with reporters, Henderson said GM is working on two parallel plans: one [...]