De Lorean firm tries to protect itself
NZPA-Reuter Detroit The financially-troubled De Lorean Motor Company took legal action yesterday to protect it from 730 creditors. Attorneys for the company, which is headquartered in Detroit, but whose plant is in Belfast, Northern Ireland, formally filed a petition in the Federal Court in Detroit under terms of the Federal Bankruptcy Law.
The court said that the petition was filed after two firms and a former executive of the De Lorean company had sued the sports car manufacturing company. Attorney Lawrence Snider, representing the De Lorean Motor Co., said that the company's three largest creditors were Renault, the Northern Ireland Department of Commerce, and a Michigan law firm. A De Lorean lawyer said that yesterday’s legal move was the latest development aimed at salvaging the illfated car firm in the wake of last week’s arrest of the company’s founder, John, de Lorean, on drug smuggling charges. De Lorean is being held on SUSS million bail.
A court hearing at which de Lorean was to ask for a reduction in his bail was cancelled at the last minute yesterday.
The cancellation came after legal aides trying to raise bail for de Lorean, reported difficulty in unravelling the complicated financial network set up by him.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19821027.2.69.4
Bibliographic details
Press, 27 October 1982, Page 8
Word Count
210De Lorean firm tries to protect itself Press, 27 October 1982, Page 8
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.