Jaguar has been in bankruptcy court in New York for nearly four years, and the automaker is in the middle of a battle over how to pay its debts.
The automaker has lost about $1.5 billion of its market value over the past five years, according to its latest financial report.
The company has been battling creditors since 2008, when it was acquired by Chinese automaker Daimler for $8.2 billion.
It is suing former CEO Carlos Ghosn for $7.9 billion in damages, as well as $1 billion for an “irreparable and unforeseeable” loss, according a statement released by the court.
Jaguar’s lawyers have argued that Ghosno was “an exceptionally skilled and experienced CEO who was a great manager of the company.”
They say the former CEO was also a valued colleague who took responsibility for a variety of issues, including a “shocking” “culture” at the company.
The lawsuit says Ghosni was fired because he tried to rein in a culture that involved “improper and illegal behavior” by his colleagues.
Jagies lawyers have not responded to a request for comment.
In a court filing in May, the company said it had no plans to close its U.S. operations.
The filing said it planned to file for bankruptcy protection in the U.K. and Ireland.
The court filing, dated July 14, said the bankruptcy court “rejects the Company’s assertion that the failure to fully repay the loans it is obligated to make, and its other obligations, would preclude the Company from continuing to operate as a public company.”
It said Ghosnos assets would be distributed to “appropriate creditors.”
Jagys bankruptcy filing in April said the automaking company had been unable to repay the $8 million it owed to investors, as it had “abused its powers” to raise debt and “lured” people into making bad investments.
Jakys lawyers have said the debt was owed to Ghosnah.
They also have said Ghoshni was a former director of Jaguar’s European operations, which were shuttered in 2019.
Jags debt problems have not affected the company’s profits, and it has generated significant profits in the past.
Jabra shares have surged more than 30% this year, to a record $12.96 per share, on the back of Ghosns alleged “shameless” financial fraud.
Jajakys stock has also jumped, with shares rising more than 200% since the bankruptcy filing, to $14.04.