#Chapter11

For many in the automotive world, it’s hard to believe nearly a decade has passed since GM and Chrysler filed for bankruptcy.

With a heavy heart the staff of AutoGuide.com say goodbye to 2012, along with its triumphs and tragedies. We await the New Year with open arms, and welcome its promise of a better world.

Despite filing for Chapter 11 last month, American Suzuki Motor Corporation (ASMC) is buying an additional 2,500 vehicles from Japan to sell in the U.S. market.

Despite a positive 5 percent sales increase for the month of October, American Suzuki is preparing to close up shop in North America, announcing it will file for Chapter 11 bankruptcy protection.

The new owners are Kamkorp Autokraft, a Swiss company that is part of the Frazer-Nash group.

NJMP is one of the newest tracks in America, having opened its doors back in 2008. It currently has two road courses and a professional karting track. Future plans included adding a tri-oval and an off-road track.

Late Sunday a judge approved the sale of GM’s assets to a group comprised of the U.S. government, the UAW and the Canadian and Ontario governments under the name NGMCO, Inc. The decision will see GM exit bankruptcy court quickly with the ‘New GM’ assets going to NGMCO, while the ‘Old GM’ assets will be sold off to the highest bidder.

While President Obama and General Motors CEO Fritz Henderson are both expected to hold press conferences today, officially GM has already filed for Chapter 11 Bankruptcy Protection.

In a move that should probably be illegal (but isn’t) six General Motors executives recently sold off all their shares in the company. That’s right, those same guys who helped drive GM into bankruptcy traded in all their stocks when a trading window opened.

President Obama is expected to announce tomorrow that Chrysler will in fact file for bankruptcy; according to a report by Bloomberg. The Wall Street Journal, however, says that Obama currently has two speeches drafted for tomorrow’s press conference: one if the struggling automaker files for Chapter 11, and one if it doesn’t.