Th!nk now under "public administration"
Click above for a gallery of the Th!nk City
There is no Christmas holiday break for the Th!nk bankruptcy/bailout story. The latest from Leif:
Think was actually put under "public administration" Friday. This is a scary word for the state stepping in and freezing all payments to creditors while a company tries to settle a volunteer-based downpayment of the debt. If a solution is not reached, the company tends to go much further south, as one can imagine. The lawyer appointed by the state to work the case is optimistic about Think's possibilities for raising more capital. As a result of this development, the political hurra-meeting that was to take place has been postponed so that the Think executives can give these negotiations their full attention. I know this seems very dramatic but, as I always say: There is nothing so bad that it's not good for something =)
In the sideshow, Peter Stordalen seems to have gone sour over the whole deal and how he is being treated by the media.
Gallery: Th!nk City
[Source: RB.no, E24]
Reader Comments (Page 1 of 1)
mike!!ekiM 9:32PM (12/23/2008)
Where's GE? Didn't they buy a chunk of this company? Are they willing to see their investment in EV's go down the drain?
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Anon 12:03AM (12/24/2008)
Agreed, they can at least throw some money at them I bet!
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Spec 12:48PM (12/31/2008)
This is Ford's chance to buy back into this company and instantly have an electric car strategy.
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Cool Electra 8:34AM (1/25/2009)
Auto companies such as Th!nk Global, who are developing and manufacturing electric cars are the only complanies we should consider giving government bailouts to. They need them and it is in the interests of all of us that these companies survive and change the way we drive. But the bailout of the Big 3 auto manufacturers in the U.S. is not acceptable. Taxpayers' money should not be used to prop up an auto industry whose time is now coming to an end. The recent fall in gas prices will be used as an opportunity by vested interests to prevent the comeback of the electric car and governments should not be complicit in this again. The average consumer is not incentivised to buy electric with gas prices so low at present----so governments need to step in to ensure the viability of companies like Th!nk, so that when gas prices rise again, as they surely will, consumers will have the choice to purchase good mid-range electric cars like the Th!nk. New jobs will be created in the green auto sector to replace the old ones being lost by gas auto manufacturers. If bailouts are given, they must be directed to assist our transition to a green economy, not prop up obsolete industries whose time is passing. As Obama said "the world has changed and we must change with it!"
You can read more about the Th!nk here: http://www.mycoolelectriccar.com/think-electric-car.html
On this page, you can read my take on what is going to happen with oil prices: http://www.mycoolelectriccar.com/price-of-oil.html
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