Champion Porsche Files For chapter 11 Bankruptcy
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Champion Porsche Files For chapter 11 Bankruptcy
http://www.bizjournals.com/southflor...4/daily70.html
Pompano Beach-based Champion Motors has filed for Chapter 11 bankruptcy protection.
The bankruptcy only affects the Porsche and Audi car dealership division of the company, which has two locations in Pompano Beach. It represents one of the largest Porsche dealerships in the world. The bankruptcy does not affect two related companies – the well-known Champion Racing sponsorship company and Champion Motorsports, which makes high-performance wheels.
In a filing Thursday with the U.S. Bankruptcy Court for the Southern District of Florida, Champion Motors said it has between $10 million and $50 million in debt and a similar range for assets.
The bankruptcy petition is filed under the name Copans Motors, doing business as Champion Motors, at 500 W. Copans Road.
“Economic times have created a slowdown,” said Bart Houston, bankruptcy attorney with Genovese Joblove & Battista in Fort Lauderdale. “We’re continuing to negotiate with our primary lender, Volkswagen Credit Inc.”
Houston said the racing sponsorship division continues to sponsor races, although Audi has cut back funding for sponsorships.
General Manager Michael A. Sciple signed the filing. A list of equity security holders filed with the petition said Devindar Maraj owns 100 percent of stock.
Volkswagen Credit’s claim is not listed in the bankruptcy filings yet; its loans are secured by cars and property, Houston said.
A list of unsecured creditors said the largest unsecured claim is Porsche Cars North America of Atlanta, with a claim of $153,608. Other creditors include South Dade Automotive of Miami, with a claim of $15,990, and Auto Salon 2000, with a claim of $7,800.
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Pompano Beach-based Champion Motors has filed for Chapter 11 bankruptcy protection.
The bankruptcy only affects the Porsche and Audi car dealership division of the company, which has two locations in Pompano Beach. It represents one of the largest Porsche dealerships in the world. The bankruptcy does not affect two related companies – the well-known Champion Racing sponsorship company and Champion Motorsports, which makes high-performance wheels.
In a filing Thursday with the U.S. Bankruptcy Court for the Southern District of Florida, Champion Motors said it has between $10 million and $50 million in debt and a similar range for assets.
The bankruptcy petition is filed under the name Copans Motors, doing business as Champion Motors, at 500 W. Copans Road.
“Economic times have created a slowdown,” said Bart Houston, bankruptcy attorney with Genovese Joblove & Battista in Fort Lauderdale. “We’re continuing to negotiate with our primary lender, Volkswagen Credit Inc.”
Houston said the racing sponsorship division continues to sponsor races, although Audi has cut back funding for sponsorships.
General Manager Michael A. Sciple signed the filing. A list of equity security holders filed with the petition said Devindar Maraj owns 100 percent of stock.
Volkswagen Credit’s claim is not listed in the bankruptcy filings yet; its loans are secured by cars and property, Houston said.
A list of unsecured creditors said the largest unsecured claim is Porsche Cars North America of Atlanta, with a claim of $153,608. Other creditors include South Dade Automotive of Miami, with a claim of $15,990, and Auto Salon 2000, with a claim of $7,800.
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wow, who would have thought. A porsche dealer just opened in my town last fall what bad timing for them.
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Just think, back in '05 they sponsored the winning Audi LMP1 car and overall winner at the 24 hours of LeMans. They were on top of the world. I saw the trophy in their showroom.
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I am getting this feeling too, the constant stream of bad new is drying up.
There's a mess that needs to be cleaned, but no new garbage has been found recently.
Last edited by Roller; May 24, 2009 at 01:27 AM.
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I think they suffered from having a ton of 100k+ cars in their inventory, nobody buying cars, several bad weeks killed them. That's why the hi volume dealers got hit the worst imo.
