Legendary auto company Checker Motors, which once made cars like the Checker Cab, filed for bankruptcy protection due largely to declining sales at General Motors. Checker, which in recent decades has focused on stamped and welded car parts, is planning to reorganize and continue operating.
automotive: January 2009 Archives
New York magazine has an article in this week's issue on the increase in bankruptcy filings for businesses in the nation's largest city. The angle: many of the chapter 11 filings, rather than reposition the filer for a restructuring, are instead precursors to going out of business. "There is not financing available for the reorganization process," says a lawyer in the article. A music studio and car dealership owner are quoted as wondering how they can possibly stay open.
