TWR is bankrupcy situation as of TODAY

[ferrari fan]

According to the Website of Jos Verstappen ,is the TWR group of companies placed in Bankrupcy as of today and the 500 odd people that have been employed are no longer assured of the whole outcome.
Thid must somehow affect the TWR holdings in Holden Racing Team ,and it will be interesting to see what the real effect is going to be
I for one do not believe that the operation here in Australia is isolated from the whole sad Mess over in Europe
But I like to be proven wrong

[Highlander]

Would be sure the Execs at GM would rescue there greatest marketting asset HRT,rather than let it break up giving Ford access to a talented team,with which to increase there market share.

[ferrari fan]

What is behind the winding up is the chase of Ford Motor Company for payment of monies owed to them by TWR!
So Tom used Ford (Cosworth) engines and has not fully paid for them ,amongst other creditors.
So Will G.M. pay FOMOCO? or maybe let them win this year in lue of payment:D

[Aussiecollector]

FF, official release from HSV, sorry to upset you but they will still be here racing in 2003 and beyond.

February 14, 2003
TWR Group Limited and the following subsidiaries in the UK are in Administrative receivership effective Thursday February 13, 2003 –TWR Automotive Engineering Limited, TWR International Holdings (UK) Limited, TWR Automotive Contracts Limited and Craiglade Limited.

In a statement released in England overnight, the Administrator receiver, PricewaterhouseCoopers said they are confident that with the support of customers and employees the business can continue to trade whilst a purchaser is found. Expressions of interest had already been received and we are looking to pursue those as quickly as possible.

We are advised the appointment of Administrative Receivers in the UK based companies WILL NOT impact the operation of Holden Special Vehicles, Holden By Design or our Racing Operations.

The Australian operations are profitable and we are working closely with Holden on a major long term growth strategy. We will continue to play a leading role in performance vehicles and motor sport in this country.

For us – its business as usual with our major challenge being to tackle our outstanding future growth prospects.

JOHN A CRENNAN

[brchi17]

Considering I've just ordered a new car with some HBD options, its' reassuring the hear that HSV/HBD is safe from the TWR bankrupcy.

To be honest, I couldn't see Holden allowing Tom's mismanagement to affect their star performer.

Whats goes around come around & it appears that Tom W's lies & deception has come back to bit him on the bum. I just feel sad for all the loyal TWR (england) employees how are now unemployed.

cheers.

[Nick Short]

I have it on good authority that Tom overstretched his finances when he bought the XA GT so soon after the twin set and XE.....

[Goggles Pizanno]

A gem Nick. I do like to start my day with a good laugh.

I think we can all relate to your post.

[Glen Alexander]

Nick:

That's the funniest comment ever made on this forum, you should win a prize or something!!!! :D

[ferrari fan]

Glen, why don't you both provide the price and also award it.
A nice picture of you handing over the chosen price could be enjoyed by all on this forum I presume.

[brchi17]

Glen,
how about a Silver VL Walkinshaw as the prize ????

:D

[Nick Short]

Thanks for your kind words guys, but the comedy series the BBC has given me on the strength of that one joke is prize enough....

[Glen Alexander]

Come on guys!!! I've overstretched the budget as well! I'm as broke as TWR! Plus my clutch decided to play silly buggers on me yesterday, so the damned car will be costing me a small fortune to repair, damn Ford!!! hahaha Speaking of Walkinshaws, I've almost finished my custom Walkie, looking pretty sweet too.

[brchi17]

I know what your talking about Glen, which is why I have ordered a Commodore.

cheers.:D

[ferrari fan]

The JUDGE ,who is hearing the case ,has given an interview on BBC and this are his words!
Justice PUMFREY;" He (Walkingshaw) appeared to lack clarity of thought nessesary to follow a clear policy.
He (walkingshaw) obviously had a high oppinion of his own buisness abilities ,but my(Judge Pumfrey) impression is different."
Now with hindsight, how about the B.S. press release of a certain J. Crennan?

:mad:

[ferrari fan]

Originally posted by Aussiecollector
FF, official release from HSV, sorry to upset you but they will still be here racing in 2003 and beyond.

February 14, 2003
TWR Group Limited and the following subsidiaries in the UK are in Administrative receivership effective Thursday February 13, 2003 –TWR Automotive Engineering Limited, TWR International Holdings (UK) Limited, TWR Automotive Contracts Limited and Craiglade Limited.

In a statement released in England overnight, the Administrator receiver, PricewaterhouseCoopers said they are confident that with the support of customers and employees the business can continue to trade whilst a purchaser is found. Expressions of interest had already been received and we are looking to pursue those as quickly as possible.

We are advised the appointment of Administrative Receivers in the UK based companies WILL NOT impact the operation of Holden Special Vehicles, Holden By Design or our Racing Operations.

The Australian operations are profitable and we are working closely with Holden on a major long term growth strategy. We will continue to play a leading role in performance vehicles and motor sport in this country.

For us – its business as usual with our major challenge being to tackle our outstanding future growth prospects.

JOHN A CRENNAN


Moral of the 20/20 hindside....... He was Wrong! in his assesment of the situation

[Nick Short]

TWR premises, including the engine plant here in Kidlington, have been bought this week by an American company whose name escapes me (it was in the local paper this week and I've mislaid it!). I imagine someone will dig out the info in Oz if I can't....

[mustang1966]

I understand TWR was sold to the Menard Engineering Limited. Menard is a seppo billionaire.

Menard has strong links with GM and have been involved with producing engines for IRL cars.



Oh Nick I loved your letter into AMC on the polarizer and the rear sticker.

Dont forget many riced up cars gain mega HP from the NIZMO, TRD, MUGEN stickers. I wonder if they are equiped with some kind of polarizer. ;)

[Nick Short]

Menard! That's the one. Still not clear how their buyout will affect operations here. Plenty of locals who were made redundant hoping they'll be re-hired, as they have the skill and experience. Still, within a few miles we have Benetton, Williams, Prodrive, Reynard etc etc, so their skills won't go to waste.

I'm still waiting to see what flak I get in next issue of AMC about the Polarizer. Or lawsuits....And as for magic stickers, the 1 litre Corsas that drive around in shoals here gain huge horsepower increases from Kenwood stickers across the back window.

[bernoo]

Hey Nick have you seen the GT CD yet?
Bernie