Wiesmann files for bankruptcy
08-15-13, 12:43 PM
#1
Wiesmann files for bankruptcy
Wiesmann files for bankruptcy
Gallery:
http://www.autoblog.com/photos/wiesm...#photo-158381/
German sports car manufacturer Wiesmann has reportedly filed for bankruptcy. The filing, which was made to a German district court in Münster, didn't specify any of the financial details that led Martin and Friedhelm Wiesmann to this point. The small-scale manufacturer's collapse isn't a massive surprise, as it's product lineup hasn't changed a great deal over the years. Still, the funky coupes and roadsters have always been admired from afar by the Autoblog team.
Wiesmann has been in business since 1993, building retro-futuristic sports cars with engines and transmissions from BMW. According to a report from Motor Talk in Germany, the Dülmen-based outfit had only been producing about 200 vehicles per year, with its most potent models, the 547-horsepower GT MF5 and the track-ready GT MF4-CS (pictured above), presenting a unique dose of performance that is difficult to come by. It's a shame to see them in dire financial straits, but we don't yet know whether the company is staring down liquidation or just reorganization.
http://www.autoblog.com/2013/08/15/w...or-bankruptcy/
08-15-13, 01:02 PM
#2
Lexus Fanatic
another one bites the dust. No surprise. I like their cars but come on. Who would spend that kind of money on a no name brand with no heritage , and dont even make their own engines. I am surprised they lasted this long
08-15-13, 02:21 PM
#4
Lexus Fanatic
Morgan, Veritas, and even Gumpert need to watch their butts. These boutique cars are not made to the same level of quality in my opinion and who the hell drops that kind of money with no real dealership support. And they wonder why they are broke. The fact that Weisman hasnt really developed a new and better looking car over the least 5 years is a source of this issue as well. I wonder if they will sell or if anyone is even interested in such a small nobody car company. Maybe some rich Saudi will buy it as a toy, kind of like the rich Russian kid who bought TVR back in the day and swore he would turn it around
11-28-13, 04:43 PM
#5
Wiesmann pulls itself out of bankruptcy
Wiesmann pulls itself out of bankruptcy
Press Release
2013/11/28
Dülmen / Germany
Application for dismission of the insolvency proceedings
The management board of the Wiesmann corporation has filed the application to dismiss the insolvency proceedings due to abolition of the insolvency reasons.
The creditors' meeting is postponed to December 16, 2013.
2013/11/28
Dülmen / Germany
Application for dismission of the insolvency proceedings
The management board of the Wiesmann corporation has filed the application to dismiss the insolvency proceedings due to abolition of the insolvency reasons.
The creditors' meeting is postponed to December 16, 2013.
05-08-14, 10:35 AM
#6
Wiesmann shuts down... again
Though its designs may look like Wiesmann is trying to make time stand still, the massively powerful BMW engines that power its creations say otherwise. As does its slaloming in and out of solvency over the past year or so.
Last summer the German automaker filed for bankruptcy. It presented a plan to revive itself several months later, but earlier this year it seemed that its creditors were not interested in saving the company or from letting it save itself. Now it seems that Wiesmann is down for the count.
According to the latest reports coming in from Europe, all but six of its 125 employees have been sent home. The company apparently doesn't have the funds on hand to either pay its employees or pay its suppliers, and effectively ceased operating at the end of March, having produced just over 1,700 vehicles in the course of 20 years of manufacturing.
The development will surely come as bad news not only for the workers and their families, the company's creditors and suppliers, but also enthusiasts who've come to appreciate Wiesmann and the quirky retro roadsters it makes... or made, we should say. We're still hoping against all odds that the company will find a way back into solvency and operations, but that's not looking any more likely than their vehicles ever making it to North America, anyway.
Last summer the German automaker filed for bankruptcy. It presented a plan to revive itself several months later, but earlier this year it seemed that its creditors were not interested in saving the company or from letting it save itself. Now it seems that Wiesmann is down for the count.
According to the latest reports coming in from Europe, all but six of its 125 employees have been sent home. The company apparently doesn't have the funds on hand to either pay its employees or pay its suppliers, and effectively ceased operating at the end of March, having produced just over 1,700 vehicles in the course of 20 years of manufacturing.
The development will surely come as bad news not only for the workers and their families, the company's creditors and suppliers, but also enthusiasts who've come to appreciate Wiesmann and the quirky retro roadsters it makes... or made, we should say. We're still hoping against all odds that the company will find a way back into solvency and operations, but that's not looking any more likely than their vehicles ever making it to North America, anyway.
09-11-14, 02:05 PM
#7
Wiesmann still hoping for savior
The saga of Wiesmann dates back to the late 1980s when a pair of German brothers set out to make retro sports cars. The first model was built in 1993 and a steady stream of new coupes and convertibles powered by a variety of BMW engines trickled out of the factory ever since until the company ran into trouble a little over a year ago. Since then Wiesmann has meandered in and out of bankruptcy, but now the founding siblings are reportedly on the verge of securing new funding to get their company back up and running again.
The news reported by Dutch publication Autovisie indicates that Martin and Friedheim Wiesmann are in discussions with new investors. The identity of the latest potential backers remains undisclosed, but the founding brothers suggest that it could all be wrapped up within 4-6 weeks. Failing that, it seems Wiesmann could be down for the count.
Last week we reported that, at the time of its insolvency, Wiesmann was working on a new entry-level model with styling derived from the Spyder concept of 2011 (pictured above) and with a price that would undercut the previous MF3 base model. If new funding can be obtained and the company lifted out of bankruptcy, that new model could prove intrinsic to its resurgence. Otherwise it may never see the light of day.
The news reported by Dutch publication Autovisie indicates that Martin and Friedheim Wiesmann are in discussions with new investors. The identity of the latest potential backers remains undisclosed, but the founding brothers suggest that it could all be wrapped up within 4-6 weeks. Failing that, it seems Wiesmann could be down for the count.
Last week we reported that, at the time of its insolvency, Wiesmann was working on a new entry-level model with styling derived from the Spyder concept of 2011 (pictured above) and with a price that would undercut the previous MF3 base model. If new funding can be obtained and the company lifted out of bankruptcy, that new model could prove intrinsic to its resurgence. Otherwise it may never see the light of day.
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