Its now official. The FLAT motor company has filed for bankruptcy. The era of domination of one of the largest motor testing companies has finally come to an end. Today, the company's CEO said that they will be selling up and closing their doors - for good. The company has been on the market trying to find potential suitors to help fund their numerous "development projects", for several months now.
Unfortunately for them, no-one was interested in buying them out of trouble. The company's CEO still seems to have some hope left. At a press conference held here, he said - "The hearing a couple of weeks to go. We haven't liquidated all of our remaining assets just yet, we're still hoping, fingers crossed, touching wood with all our limbs..."
Meanwhile, the Technical Director (and lead of testing activity) was also present at the press meeting. He seemed less hopeful though. "We are in a pretty bad shape. Our financial records were nothing short of lousy since the new management took over and changed the company's goals. It would take nothing less than a new Saudi investor with loads of oil and money to buy us out and put us back in the business. Though, I sincerely hope that, if that did happen, the new management would get rid of the current plan and change the company's tarnished public image."
It still remains to be seen if something new will crop up. The shack and shambles company got a major boost, when a Russian Tycoon bought majority stake just over a year ago. He immediately effected major changes in the company's short and long term goals, and tried to focus their activities towards "research projects". The company's fortunes rose until early this year, and after a small stable period, really plummeted over the last couple of months. The share prices dropped significantly, and to make matters worse, the main investor died.
So, this might be a sad day in the history of the company, but for their sake, lets hope someone is going to bail them out, this time atleast.
