Wiesmann shuts down... again

[Haltech]

Filed under: Europe, Earnings/Financials, MISC



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.Wiesmann shuts down... again originally appeared on Autoblog on Thu, 08 May 2014 08:44:00 EST. Please see our terms for use of feeds.



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