Report: Think filed for bankruptcy

Article by Christian A., on June 22, 2011

Think Global AS made many attempts to keep itself afloat through recapitalization and restructuring but it failed and so it succumbed last Wednesday and filed for bankruptcy in Norway where it is based.

This is the fourth financial collapse that the electric car maker has had in the 20 years that it has existed. In an Automotive News Europe interview, Think spokesman James Andrews said that it required more funding and even if it had some interested investors, nothing could be done fast enough.

Sources say that to continue to operate, Think would need multiple millions. Andrews said that the options available to Think include liquidating assets or selling the company to a new investor.

Production in Europe had ended last March of Think’s sole model, the City minicar. So that the inventory will be rebalanced, Think had also stopped the production at the factory in Uusikaupunki, Finland, owned by contract manufacturer and Think investor Valmet Automotive.

Last year, Think was only able to sell 1,043 units of the City. Andrews said that a court-appointed trustee from Thommessen, the Oslo-based commercial law firm, had taken control of the company last Wednesday.

This trustee is tasked to manage Think’s assets such as wholly owned U.S. subsidiary Think North America, which runs an EV production plant in Elkhart, Indiana. Even if Think North America is a separate entity, it gets financial support from the Norway headquarters, making its future quite uncertain.

Topics: bankruptcy

If you liked the article, share on:

Comments

Recommended

There is definitely a second-generation Super Series from McLaren. Even in camouflaged form, it is simply incredible. But while we still don’t have the full data on how truly dynamic...
by - February 25, 2017
A lot of fans are excited with the news that Porsche could be unveiling a performance version of its Panamera 4 E-Hybrid plug-in hybrid during the 2017 Geneva Auto Show. ...
by - February 25, 2017
Tesla is finally setting a more “definite” schedule with regards to the official launch of the Tesla Model 3 electric car. A “limited production” is said to be slated to...
by - February 25, 2017
Are you a big fan of legendary boxer Mike Tyson, the former heavyweight world champion? Or are you a big fan of the iconic Ferrari F50? Either way, you will...
by - February 24, 2017
It seems that AM-RB 001 hypercar is not the only vehicle project that Aston Martin and Red Bull Racing has gone into. This time, don’t expect something as outlandish as...
by - February 24, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries