skip to main |
skip to sidebar
Nurburgring-Tested Track Upgrade for the 2010 Corvette ZR1
The world's fastest and most powerful production Corvette, the 638 bhp ZR1 has become the pinnacle of American sports cars. For most ZR1 owners, having a car capable of Nurburgring times of 7:26 is more than enough to satisfy performance to satisfy their need for speed. However, for the select few who subscribe to the mantra of "Too much horsepower is never enough" Hennessey Performance Engineering (HPE) has something special in store for them in 2010. HPE is happy to introduce the company's 705 bhp Z700 upgrade package for the 2010 ZR1.
Porsche 911 owners wanting the ubber Porsche can order the GT3 RS. Dodge Viper enthusiasts wanting the ultimate road race Viper have the ACR. Now ZR1 owners can opt for the Hennessey Z700 upgrade for their Corvettes.
Hennessey's Z700 performance package starts by upgrading the engine supercharger, exhaust and air induction systems and is dyno tuned to 705 bhp. But this is just the beginning. Additional upgrades include lightweight carbon fiber wheels with Michelin Pilot Sport Cup tires, which reduce rotating weight by nearly 60 lbs. Hennessey's Z-Aero ™ carbon fiber front splitter, canards and rear spoiler also add over 300 lbs of down force helping to put the added power to the road and track. Rounding out the Z700 upgrade package is a revised interior with lightweight carbon fiber seats, Alcantara steering wheel and shift knob.
HPE will be throwing its hat in the Ring – literally – and plans to begin testing the Z700 at the famed Nurburgring in Germany later in 2009. The company plans to build just 24 copies of this limited edition Corvette ZR1 for the 2010 model year. Each buyer gets 1-day of performance driving instruction in his or her new Z700 at Hennessey's own private test track, Lonestar Motorsports Park. Lonestar, which is located next to the company's facility, is located just west of Houston, Texas and has a full ¼ mile dragstrip as well as a 1.1-mile road course, which will soon be under construction.
A General Motors Corp. bankruptcy filing seemed inevitable after a rebellion by its bondholders forced it to withdraw on Wednesday a plan to swap bond debt for company stock.
GM had until Monday to complete a government-ordered restructuring that includes debt reduction, labor cost cuts and plant closures. But a Chapter 11 reorganization is likely after the company said its offer to exchange $27 billion in unsecured debt for 10 percent of the company's stock had failed. GM has received $19.4 billion in federal loans. News of the failed GM bond exchange offer sent its shares down 12 cents, or 8.3 percent, to $1.32 in morning trading.
GM spokesman Tom Wilkinson said the board will meet later this week to decide its next move, but he would not say exactly when. He also would not say if the company would soon file for Chapter 11, nor would he reveal what percentage of bondholders took the offer. There was a small hope Tuesday that GM could avoid a bankruptcy filing when the United Auto Workers union disclosed that it would take a 20 percent stake in GM — down from the original plan of 39 percent. That seemingly freed 19 percent of the Detroit-based company's shares to sweeten the pot for its recalcitrant bondholders.
Wilkinson would not say why GM didn't make the offer to bondholders more attractive. Because the bondholder deal did not go through, the equity freed by the UAW deal now apparently will go to the U.S. government, which may have to commit billions more for GM's restructuring in court. The government's stake in the company originally was to be 50 percent, according to GM's regulatory filings. But it now could be as high as 69 percent. The Canadian government also could get equity for up to $8 billion in aid for the automaker. Such an arrangement would leave bondholders back where they started — and a Chapter 11 filing all but certain.
The deadline for GM's bondholders to tender their debt has already past.
As noted in our recent S-4 filing and updated Viability Plan, General Motors plans to reduce its dealer network from 5,969 stores today to approximately 3,600 by the end of 2010.
This process starts today, as GM begins contacting dealers regarding its long term planning. Approximately 1,100 underperforming and very small sales volume U.S. dealers will be advised that GM does not see them as part of its dealer network on a long-term basis.
In most cases, existing franchise agreements run through October of 2010. In addition, we will be updating about 470 Saturn, HUMMER and Saab dealers on the status of those brands and we will be discussing how the remaining dealers will support our retail plans going forward. While additional cuts will be made, we believe the vast majority, over 90 percent, of the remaining dealers will be offered a chance to remain with GM. However, specific dealer issues, further attrition and additional possible dealer network actions are expected to bring the number of future GM dealers to around 3,600 by the end of 2010, as described in the Plan.
The actual number could vary given levels of attrition, etc. outside of GM’s control. “We have said from the beginning that our dealers are not a problem but an asset for General Motors,” said Mark LaNeve, GM Vice President of Sales Service and Marketing. “However it is imperative that a healthy, viable GM have a healthy, viable dealer body that can not only survive but prosper during cyclical downturns. It is obvious that almost all parts of GM, including the dealer body, must get smaller and more efficient.” “In response, we are letting them know about our long term plans. GM’s viability plan calls for fewer, stronger brands as well as fewer, stronger dealers. We have taken a very difficult step by identifying those dealerships we’d like to keep in the GM dealer network and those with whom we will have to wind down our business relationships,” LaNeve said. As independently owned businesses, dealer owners will make their own decisions if and when they want to make this information public. GM is not releasing the names of any dealers. “We are not terminating any dealerships today,” LaNeve clarified, “We will be talking to all of our dealers over the next few weeks, letting them know now in the spirit of open communication, so they are advised well in advance, about our long-term plans and their role in them.
Long term, GM should have fewer, healthier dealers, maintaining GM’s current high customer satisfaction ratings, with more sales per outlet.”
