Saleen On Verge Of Bankruptcy

saleen-e1417620169774A document published by the United States Securities and Exchange Commission (SEC) reveals that American performance modifier Saleen Automotive is on the brink of filing for bankruptcy.

The report shows that Saleen owes a total of $5,634,841, including $583,900 in unpaid payroll taxes, $398,176 to a major bank that has been instrumental in keeping the company afloat and $376,888 in other miscellaneous liabilities. All told, Saleen’s total liabilities amount to $5,634,841.

As of September 30th, 2014, Saleen only had $7,261 in its coffers and its assets totaled a mere $688,629. A more recent financial statement is not available.

Saleen has not officially commented on its financial situation, but the company was quoted by the SEC as saying that its ability to survive is in doubt if it doesn’t manage to find a buyer in the near future. Whether or not Saleen is currently involved in talks with a potential new owner has not been disclosed.

The situation is undeniably grim, but all hope is not lost yet. Best known for the S7 supercar, Saleen currently has a number of new models in the pipelines including a tuned Tesla Model S dubbed ST and a heavily-modified 2015 Mustang called S302 that packs up to 640 horsepower thanks to a potent supercharger. Car & Driver notes the first STs have already been delivered and the company has received several orders for the S302.
Saleen has been in dire financial straits before: it filed for bankruptcy protection in 2007 and it only had $13,246 in cash at the end of September of 2013.

Photo Credit: Saleen

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