SYD: Rick Damelian going bankrupt? (skoda dealer)

[pologti18t]

News Alert: Top Sydney Dealership Bankrupt? | Car Advice | Reviews

Anyone buying a Skoda off them?

[Preen59]

Interesting...

[ffoff]

That guy practically owns parramatta road! Wow

[djorkboy]

Looks like it's more than a rumour

Wheels fall off Damelian group

[wai]

With debts of $80M to one secured creditor (probably a bank), the poor car buyers who have paid their deposits are going to be way down the pecking order. The only warranties would be those on used cars and any dealer extended warranties (which are generally free anyway). All other warranties are offered by the car maker anyway. As for working out delivery of vehicles already ordered, it will be interesting to see if deals negotiated will be honoured or scrapped and new "deals" worked out. Most contracts for sale will have little clauses allowing re-negotiation for just such circumstances and things like changes in model specifications etc.

Good luck to all caught up.

[djorkboy]

Actually my guess would be the $80m would be owed to the finance division of a car company rather than a bank.