Car News – Aston Martin in possible financial jeopardy

Aston Martin may be in trouble as it's parent company is experiencing financial problems.

Hard times may be hitting Aston Martin soon.  It is reported that the companies parent company, Investment Dar, a investment firm based out of Kuwait, is havign trouble with refinancing the debt it incurred due to the global economic crisis.

The fund failed to report it’s 2008 financial records on time and therefore had trading halted on its shares, which may have been the main cause of the problems they are having.  However, Investment Dar says that it recently made a deal that will buy it some time so it can work out the mess that they are in.  Only problem is that oil prices are not good right now and the money would be very difficult to find.

Aston Martin originally was owned by Ford Motor Company, but was sold in March of 2007.  At that time, the economy was better and the brand that David Brown made popular.  It was purchased for $925 Million.  Since that time Investment Dar was trying to borrow $1 Billion to refinance it’s debt.  It ended up defaulting on $100 Million in Islamic bonds in April.

So what does all this mean?  It means that for now Investment Dar is able to keep it’s creditors at bay for a while.  However the company needs to turn things around in order for Aston Martin brand to survive.