Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2013 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Saab's assets less than one-third of its debts]]>http://www.autoblog.com/2012/04/11/saabs-assets-less-than-one-third-of-its-debts/http://www.autoblog.com/2012/04/11/saabs-assets-less-than-one-third-of-its-debts/http://www.autoblog.com/2012/04/11/saabs-assets-less-than-one-third-of-its-debts/#commentsFiled under: , , , ,

Saab's Trollhatten headquarters

The Detroit News reports the sum total of the remaining Saab assets is worth less than a third of the defunct automaker's debts. All told, the company owes a hefty $1.9 billion at current conversion rates, though its total property value rings in at a comparatively paltry $532 million. The debt includes $89 million owed to former employees, $107 million to General Motors and $388 million to Sweden itself. With so many hands to feed and so few dollars to go around, Saab says only those who hold securities are likely to have their debts paid.

That means those who were employed by Saab Automobile likely won't see a dime. The horizon looks a bit more rosy for Saab Automobile Powertrain workers, however.

Saab had said the company has six or seven investors interested in saving the manufacturer's name from falling into obscurity, though it's unclear how many of those remain dedicated to the prospect currently.

Saab's assets less than one-third of its debts originally appeared on Autoblog on Wed, 11 Apr 2012 16:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>saabsaab assetssaab bankruptcysaab debtsaab saleswedish automobilevictor mullerWed, 11 Apr 2012 16:29:00 EST http://www.autoblog.com/feed/20213362/article-comments.xml http://www.autoblog.com/feed/2012/04/11/saabs-assets-less-than-one-third-of-its-debts/20213362/article-detail.xml 20213362 http://www.blogcdn.com/www.autoblog.com/media/2012/04/saab-trollhatten-headquarters_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/04/saab-trollhatten-headquarters.jpg <![CDATA[Sweden picks up tab on bankrupt Saab's EU loan]]>http://www.autoblog.com/2012/01/30/sweden-picks-up-tab-on-bankrupt-saabs-eu-loan/http://www.autoblog.com/2012/01/30/sweden-picks-up-tab-on-bankrupt-saabs-eu-loan/http://www.autoblog.com/2012/01/30/sweden-picks-up-tab-on-bankrupt-saabs-eu-loan/#commentsFiled under: , , ,

2011 Saab 9-4X griffin badge

Way back at the beginning of Saab's struggle for life after General Motors, exotic car firm Spyker was granted a €400-million loan ($527M U.S.) from the European Investment Bank. The loan was approved after it was guaranteed by Sweden's Debt Office, and Saab's recent bankruptcy filing forced the Debt Office to back up the guarantee with a €217-million payment ($286M) to the EIB - the portion of the loan that Saab actually drew upon.

It's not exactly bad news for the government, since the government's stake in Saab Automobile Parts and Saab Automobile Tools - used to guarantee its own guarantee of the EIB loan - is understood to be worth more than €217 million.

In the next couple of weeks, bids are expected from both China's Zhejiang Youngman Lotus and Turkey's Brightwell Holdings private equity group for the purchase of Saab in its entirety. No one can predict the outcome, but it this last-ditch situation might have the best chance: the European auto supplier organization CLEPA is assisting Youngman, the numbers being hinted at would indicate sane and motivated buyers, GM's intellectual property concerns appear to have been addressed, and it's certain that the sellers would love to see a bit of sun after a long spell of gloom for the hard luck brand.

Sweden picks up tab on bankrupt Saab's EU loan originally appeared on Autoblog on Mon, 30 Jan 2012 10:59:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>brightwell holdingseibeuropean investment banksaabsaab bankruptcyswanswedenswedish automobileswedish debt agencyswedish debt officeyoungmanMon, 30 Jan 2012 10:59:00 EST http://www.autoblog.com/feed/20159145/article-comments.xml http://www.autoblog.com/feed/2012/01/30/sweden-picks-up-tab-on-bankrupt-saabs-eu-loan/20159145/article-detail.xml 20159145 http://www.blogcdn.com/www.autoblog.com/media/2012/01/2011-saab-9-4x-badge_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/01/2011-saab-9-4x-badge.jpg <![CDATA[Spyker considers closure as Saab parent Swedish Auto loses board members]]>http://www.autoblog.com/2012/01/18/spyker-considers-closure-as-saab-parent-swedish-auto-loses-board/http://www.autoblog.com/2012/01/18/spyker-considers-closure-as-saab-parent-swedish-auto-loses-board/http://www.autoblog.com/2012/01/18/spyker-considers-closure-as-saab-parent-swedish-auto-loses-board/#commentsFiled under: , , , , , ,

Spyker emblem being placed on car

Swedish Automobile NV ('Swan') continues to look to sell Dutch supercar manufacturer Spyker in the wake of the Saab bankruptcy. Swan said it will carry on with the sale despite the fact that the company's supervisory board has just abandoned the crippled enterprise. According to The Washington Post, Swan announced it had begun negotiations to sell Spyker last September to a private equity firm for $41 million. Now the company says proceeds from that sale won't be enough to ensure that Swan can meet its liabilities. If the company can't complete the sale or find extra funding, Swan may go belly up and take Spyker with it.

All three members of the Swan supervisory board resigned due to a "difference of opinion" with the company's CEO, Victor Muller over funding alternatives. Shares in the automaker have since plummeted by around 12 percent. The company's articles of association allow for the holder of a single priority share in the company to name new board members. In this case, that holder is believed to be controversial Russian tycoon Vladimir Antonov.

Click past the break for two press releases on the recent changes at Swan.

Continue reading Spyker considers closure as Saab parent Swedish Auto loses board members

Spyker considers closure as Saab parent Swedish Auto loses board members originally appeared on Autoblog on Wed, 18 Jan 2012 13:59:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>saabsaab bankruptcyspykerswanswedish automobileswedish automobile nvvictor mullervladimir antonovWed, 18 Jan 2012 13:59:00 EST http://www.autoblog.com/feed/20151147/article-comments.xml http://www.autoblog.com/feed/2012/01/18/spyker-considers-closure-as-saab-parent-swedish-auto-loses-board/20151147/article-detail.xml 20151147 http://www.blogcdn.com/www.autoblog.com/media/2012/01/spyker-emblem_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/01/spyker-emblem.jpg <![CDATA[Saab suspends all warranty coverage, cars to be sold as-is]]>http://www.autoblog.com/2011/12/20/saab-suspends-all-warranty-coverage-cars-to-be-sold-as-is/http://www.autoblog.com/2011/12/20/saab-suspends-all-warranty-coverage-cars-to-be-sold-as-is/http://www.autoblog.com/2011/12/20/saab-suspends-all-warranty-coverage-cars-to-be-sold-as-is/#commentsFiled under: , ,

Saab 9-4X crossover and 9-5 sedan

According to a leaked memo to Saab dealers obtained by Autoblog, the bankrupt automaker is ceasing all warranty coverage on its vehicles in North America.

The memo was sent out Monday following a Swedish court's approval of Saab's bankruptcy petition and - as we suspected - all new vehicles will be sold "as is."

The North American branch of Saab also is suspending the payment of new car, powertrain, emissions and parts warranties, along with recall campaigns, certified pre-owned coverage and no-charge maintenance programs. There's no telling if the suspension is a permanent action or simply a temporary one -Saab will likely need to sift through its bankruptcy proceedings before that picture becomes any clearer for consumers.

You can read the full text of the memo after the break.

Continue reading Saab suspends all warranty coverage, cars to be sold as-is

Saab suspends all warranty coverage, cars to be sold as-is originally appeared on Autoblog on Tue, 20 Dec 2011 14:27:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>as-issaabsaab bankruptcysaab sold as issaab warrantyswedish automobileTue, 20 Dec 2011 14:27:00 EST http://www.autoblog.com/feed/20132146/article-comments.xml http://www.autoblog.com/feed/2011/12/20/saab-suspends-all-warranty-coverage-cars-to-be-sold-as-is/20132146/article-detail.xml 20132146 http://www.blogcdn.com/www.autoblog.com/media/2011/12/1400523-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/12/1400523-628.jpg <![CDATA[Saab owners, employees, dealers and suppliers trying to figure out what comes next [w/video]]]>http://www.autoblog.com/2011/12/20/saab-owners-employees-dealers-and-suppliers-trying-to-figure-o/http://www.autoblog.com/2011/12/20/saab-owners-employees-dealers-and-suppliers-trying-to-figure-o/http://www.autoblog.com/2011/12/20/saab-owners-employees-dealers-and-suppliers-trying-to-figure-o/#commentsFiled under: , , , ,

Saab employees walk into sunset after bankruptcy announcement

They're called uncharted waters, and everyone who has anything to do with Saab is floating in them. It's been a while since a global, decades-old automotive brand went bankrupt and wasn't rescued or provided immediate after-death care by a corporate parent, but that's the case with Saab, and no one's quite sure - not the company itself, nor dealers, nor employees, and certainly not customers - how this plays out.

There's the outside chance that another (presumably non-Chinese) company could swoop in and purchase the brand whole before the liquidation process takes hold, but as this didn't happen earlier, there's little reason to think that a white knight can be found at this late date.The bankruptcy has been filed and two receivers have been named, but there isn't even a timetable for who's going to get what, or what to do while everyone waits.

Why is that important? Take Saab's U.S. dealers: 188 dealerships have roughly 3,000 cars in inventory that they've already paid for but which have depreciated massively in the last 24 hours, and they don't know what they can expect to get from Saab by way of remuneration. Which is another way of saying that they don't know how much of a bath they're going to take on the cars in stock, much less winding down their stores. The conference call alerting dealers to the bankruptcy was just nine minutes long and didn't involve a Q&A because Saab "is waiting for directions from the court in Sweden." The dealer body is working to sort out customer liability issues and it will assuredly be lodging a claim against Saab for compensation.

Or take the marque's customers: through November of this year, there were more than 5,300 Saabs sold in the U.S. in 2011 and nearly 20,000 sold since the beginning of 2009. A Saab spokesperson has said dealers will continue their parts and service operations, but no one has any idea how long parts will continue to be available, and as of now, all warranty coverage has been at least temporarily suspended because the company might not have enough funds to pay for it.

Saab's 3,600-strong Swedish employees, who are still missing November wages, are now standing in the creditor line for a piece of the pie. Supposedly, part of Muller's reasoning for giving in now was to get the employees paid by Christmas - assuming there's anything at all in the cupboard - and assuming that's where the receivers would decide to dole out any of it in the next six days. Even mere observer and fellow Swedish brand Volvo could take a hit since Saab's exit deals a blow to the local supplier base.

Follow the jump to watch the post-filing press conference with boss Victor Muller, along with a short interview with Muller by SaabsUnited. For the complete breakdown, SaabsUnited also has a timeline of the night Saab declared bankruptcy on their website. Not the way anyone wanted the 64-year-old brand best known for the word "quirky" to come to an end. It is instead, as one Swedish government official declared, "horrific."

Continue reading Saab owners, employees, dealers and suppliers trying to figure out what comes next [w/video]

Saab owners, employees, dealers and suppliers trying to figure out what comes next [w/video] originally appeared on Autoblog on Tue, 20 Dec 2011 09:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>general motorsgmsaabsaab bankruptcyswanswedish automobilevictor mulleryoungmanTue, 20 Dec 2011 09:30:00 EST http://www.autoblog.com/feed/20131592/article-comments.xml http://www.autoblog.com/feed/2011/12/20/saab-owners-employees-dealers-and-suppliers-trying-to-figure-o/20131592/article-detail.xml 20131592 http://www.blogcdn.com/www.autoblog.com/media/2011/12/saab-sunset-walk-bankruptcy_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/12/saab-sunset-walk-bankruptcy.jpg <![CDATA[GM turns down newest Saab proposals as hope dims]]>http://www.autoblog.com/2011/12/18/gm-turns-down-newest-saab-proposals-as-hope-dims/http://www.autoblog.com/2011/12/18/gm-turns-down-newest-saab-proposals-as-hope-dims/http://www.autoblog.com/2011/12/18/gm-turns-down-newest-saab-proposals-as-hope-dims/#commentsFiled under: , , , ,

Victor Muller in front of Saab sign

A court hearing on Monday, December 19 will decide whether Saab remains shielded from creditor claims. If the judge decides to end the reorganization and make Saab face its investors, then Victor Muller and Co. will have a week or so to find an astronomical sum of cash if they want to keep the company operating. In the past week, Saab's administrator asked to step down but was forbidden to do so, Saab received a loan of $80 million from Chinese partner Youngman, and Muller continued discussions with Chinese banks for an $800 million loan.

What hasn't changed is General Motors' stance on the enterprise: it has consistently refused Saab's transfer into Chinese hands, and just two days before the court hearing, officials said the company remains opposed to the latest partnership structure that Muller has presented. Since Muller hasn't been able to create a package amenable to GM that involves Chinese concerns after six months of working on it, we don't know how long the Swedish court will continue to let him try.

The problem is that unless Muller can convince a company like Tata or Proton or Mahindra to come to the table, China is Muller's only apparent sovereign option, and General Motors is unwilling to share its technology, which Saab requires to stay afloat, with a Chinese operation outside GM's established joint venture with SAIC. And those other companies are buried in the work of repairing their own automotive acquisitions.

It's nearly inconceivable that another OEM would attempt to salvage the shipwreck that is Saab. It's hard to be optimistic about the situation.

GM turns down newest Saab proposals as hope dims originally appeared on Autoblog on Sun, 18 Dec 2011 08:34:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>general motorssaabsaab bankruptcyswedish automobilevictor mulleryoungmanSun, 18 Dec 2011 08:34:00 EST http://www.autoblog.com/feed/20130364/article-comments.xml http://www.autoblog.com/feed/2011/12/18/gm-turns-down-newest-saab-proposals-as-hope-dims/20130364/article-detail.xml 20130364 http://www.blogcdn.com/www.autoblog.com/media/2011/12/victor-muller-in-front-of-saab-sign_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/12/victor-muller-in-front-of-saab-sign.jpg <![CDATA[Saab's Swedish court case gets new administrator, hearing delayed [UPDATE]]]>http://www.autoblog.com/2011/12/16/saabs-swedish-court-case-gets-new-administrator-hearing-delaye/http://www.autoblog.com/2011/12/16/saabs-swedish-court-case-gets-new-administrator-hearing-delaye/http://www.autoblog.com/2011/12/16/saabs-swedish-court-case-gets-new-administrator-hearing-delaye/#commentsFiled under: ,

Saab wheel logo

The fate of Saab continues to twist in the air, as Autocar reports that the Swedish court-appointed administrator Guy Lofalk has decided to step down. The news of Lofalk's requested exit from the hearings comes but one week after he applied to have Saab taken out of reorganization.

If Lofalk succeeded in taking Saab out of reorganization, the automaker would have had less than a week to submit a plan to the Swedish District Court outlining how it will find the money to keep the doors open. Saab wasn't at all happy with Lofalk's request, and now the struggling automaker has a little bit of a breather. The Vanersborg District Court has decided to postpone the decision to approve Lofalk's application on Monday, and his replacement Lars-Henrik Andersson is likely to be appointed the same day.

With the slight delay in the courts, Saab now has more time to pursue additional loans. Since General Motors vetoed an alliance with Chinese partners, Saab parent Swedish Automobile CEO Victor Muller is reportedly looking for an $800 million loan from Chinese investors and unnamed banks.

UPDATE: According to a new Reuters report, a Swedish court has apparently ruled against the planned administrator switch, saying that Lofalk is not allowed to quit his job because the process is too far along. The court is still expected to rule on Monday whether or not to extend Saab's protection from creditors.

Saab's Swedish court case gets new administrator, hearing delayed [UPDATE] originally appeared on Autoblog on Fri, 16 Dec 2011 09:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>800 millionchinese investorslofalksaabsaab administratorsaab bankruptcysaab hearingswedish automobileswedish courtsvictor mullerFri, 16 Dec 2011 09:30:00 EST http://www.autoblog.com/feed/20129186/article-comments.xml http://www.autoblog.com/feed/2011/12/16/saabs-swedish-court-case-gets-new-administrator-hearing-delaye/20129186/article-detail.xml 20129186 http://www.blogcdn.com/www.autoblog.com/media/2011/12/saab-logo_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/12/saab-logo.jpg <![CDATA[Application filed to terminate Saab reorganization, Muller goes for loan]]>http://www.autoblog.com/2011/12/07/application-filed-to-terminate-saab-reorganization-muller-goes/http://www.autoblog.com/2011/12/07/application-filed-to-terminate-saab-reorganization-muller-goes/http://www.autoblog.com/2011/12/07/application-filed-to-terminate-saab-reorganization-muller-goes/#commentsFiled under: , ,

saab emblemIt all comes down to this: Mr. Guy Lofalk, the administrator in charge of Saab's reorganization for the Swedish government, has signaled his intent to apply for termination of the voluntary reorganization of the automaker.

That means Saab has five or six days, by its own estimation, to submit a successful plan to the Swedish District Court outlining how it will secure the necessary funding to stay in business.

Saab boss Victor Muller is reportedly seeking a loan worth over $800 million from proposed Chinese partner Youngman and an unnamed bank now that General Motors has squashed the previously planned alliance between Saab and its would-be Chinese saviors.

Continue reading Application filed to terminate Saab reorganization, Muller goes for loan

Application filed to terminate Saab reorganization, Muller goes for loan originally appeared on Autoblog on Wed, 07 Dec 2011 13:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>saabsaab administratorsaab bankruptcysaab loanswedish automobilevictor mulleryoungmanWed, 07 Dec 2011 13:15:00 EST http://www.autoblog.com/feed/20122784/article-comments.xml http://www.autoblog.com/feed/2011/12/07/application-filed-to-terminate-saab-reorganization-muller-goes/20122784/article-detail.xml 20122784 http://www.blogcdn.com/www.autoblog.com/media/2011/12/saab-emblem-200_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/12/saab-emblem-200.jpg <![CDATA[GM rejects latest Saab proposal, Swedish Automobile to pursue alternatives]]>http://www.autoblog.com/2011/12/06/gm-rejects-latest-saab-proposal-swedish-automobile-to-pursue-al/http://www.autoblog.com/2011/12/06/gm-rejects-latest-saab-proposal-swedish-automobile-to-pursue-al/http://www.autoblog.com/2011/12/06/gm-rejects-latest-saab-proposal-swedish-automobile-to-pursue-al/#commentsFiled under: , , , , ,

Saab Grille

Saab is inching ever closer to liquidation. Reuters reports General Motors will not support a proposed deal that would see the Swedish brand rescued with cash from a Chinese bank. GM has repeatedly cited concerns that any deal with a Chinese partner could conceivably hurt the American automaker's competitiveness in one of the world's quickest growing markets. The fear is that Saab would share technology pioneered by GM with its competitors. Saab could conceivably still move ahead with the deal, but losing GM's technology licenses and production contract would likely kill the brand just as swiftly as liquidation. It isn't immediately clear if Saab's parent company, Swedish Automobile, will try to revise the latest Chinese ownership proposal to GM's liking or attempt to go another way altogether.

Why is GM's approval a necessity? Despite having sold Saab, The General still holds preferential shares in the company. So, with the plan off of the table, what will Saab do to continue operations? The company isn't saying, but Reuters reports that Chief Executive Victor Muller said, "There's always Plan B." It seems like there's always a Plan B when it comes to Saab (and a Plan C, Plan D, Plan E, ad nauseam), but the company's factory has been idle since April, its employees have not been paid yet for November, and the brand's dealers are withering away.

GM rejects latest Saab proposal, Swedish Automobile to pursue alternatives originally appeared on Autoblog on Tue, 06 Dec 2011 16:31:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>general motorsgmpang dasaabsave saabswedish automobilevictor mulleryoungmanTue, 06 Dec 2011 16:31:00 EST http://www.autoblog.com/feed/20122070/article-comments.xml http://www.autoblog.com/feed/2011/12/06/gm-rejects-latest-saab-proposal-swedish-automobile-to-pursue-al/20122070/article-detail.xml 20122070 http://www.blogcdn.com/www.autoblog.com/media/2011/12/saab-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/12/saab-628.jpg <![CDATA[Bank of China to become Saab investor [UPDATE]]]>http://www.autoblog.com/2011/12/05/bank-of-china-to-become-saab-investor/http://www.autoblog.com/2011/12/05/bank-of-china-to-become-saab-investor/http://www.autoblog.com/2011/12/05/bank-of-china-to-become-saab-investor/#commentsFiled under: , , ,

saab 9-5 logo

Saab is showing its tenacious spirit more now than ever before, with word of another reworked proposal sliding across the desk. This latest plan, reports Automotive News, has the Bank of China assuming part ownership of Saab. The bank takes the place of Pang Da in a partnership with Youngman, and the hope is General Motors will find this latest arrangement suitable to approve where it had nixed previous proposals.

The previous deal, which had Youngman and Pang Da assuming complete control of Saab caused GM concern enough about its technology winding up with companies that compete directly with GM and SAIC, its partner in China. The Bank of China has a market value that makes it the fourth-largest such institution in the country, and together with Youngman, the pair would own slightly less than 50 percent of Saab. The plan is reportedly in the General's hands, but at this point, the news will be surprising if it passes muster, especially as any deal will still need to be okayed by the Chinese government. Given the string of unsuccesful similar deals that have preceded this one, Saab's prognosis will remain as gloomy as a Bergman film until we hear otherwise.

UPDATE: TheTruthAboutCars.com reports that there's been some confusion about the bank in question - the institution isn't necessarily The Bank of China, it is a bank in China (still unnamed).

Bank of China to become Saab investor [UPDATE] originally appeared on Autoblog on Mon, 05 Dec 2011 08:58:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bank of chinapang dasaabswedish automobilevictor mulleryoungmanMon, 05 Dec 2011 08:58:00 EST http://www.autoblog.com/feed/20120515/article-comments.xml http://www.autoblog.com/feed/2011/12/05/bank-of-china-to-become-saab-investor/20120515/article-detail.xml 20120515 http://www.blogcdn.com/www.autoblog.com/media/2011/11/saab-badge_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/11/saab-badge.jpg <![CDATA[Saab Great Britain files for bankruptcy protection]]>http://www.autoblog.com/2011/11/29/saab-great-britain-files-for-bankruptcy-protection/http://www.autoblog.com/2011/11/29/saab-great-britain-files-for-bankruptcy-protection/http://www.autoblog.com/2011/11/29/saab-great-britain-files-for-bankruptcy-protection/#commentsFiled under: , , ,

Saab grille

The Great Saab Sob Story of 2011 continues unabated as Saab Great Britain has officially filed for bankruptcy protection. Saab GB is a wholly owned subsidiary of Swedish Automobile N.V., the parent company of Saab, and has the exclusive rights to distribute Saab automobiles in the UK.

There are 58 Saab dealerships in the UK, 20 of which are standalone operations. According to Saab, court-backed protection is its best course of action in the UK, as it has yet to receive any sort of funding most of the promised funding from its supposed Chinese partners. Read the official press release after the break for all the details.

Continue reading Saab Great Britain files for bankruptcy protection

Saab Great Britain files for bankruptcy protection originally appeared on Autoblog on Tue, 29 Nov 2011 13:31:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bankruptcysaabsaab bankruptcysaab gbsaab great britainsaab ukswedish automobileTue, 29 Nov 2011 13:31:00 EST http://www.autoblog.com/feed/20116740/article-comments.xml http://www.autoblog.com/feed/2011/11/29/saab-great-britain-files-for-bankruptcy-protection/20116740/article-detail.xml 20116740 http://www.blogcdn.com/www.autoblog.com/media/2011/11/saab-grille_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/11/saab-grille.jpg <![CDATA[Saab postpones creditor meeting as talks with Chinese continue]]>http://www.autoblog.com/2011/11/20/saab-postpones-creditor-meeting-as-talks-with-chinese-continue/http://www.autoblog.com/2011/11/20/saab-postpones-creditor-meeting-as-talks-with-chinese-continue/http://www.autoblog.com/2011/11/20/saab-postpones-creditor-meeting-as-talks-with-chinese-continue/#commentsFiled under: , ,

saab logo

Saab is still working with Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co. to keep the company out of bankruptcy. But with no final deal in place, Saab has decided to delay a November 22 meeting with creditors until the automaker can obtain financing. Saab's parent company, Swedish Automobile, was scheduled to meet with its creditors to work out a plan to repay them, but without a resolution with the Chinese, it apparently didn't have much of a plan to share with them. Swedish Automobile has not said when it will reschedule the meeting for.

Dow Jones reports that Saab Automobile AB is trying to complete the deal so that it can pay off creditors and exit creditor protection status. Swedish law prohibits any company under creditor protection from borrowing money.

Without the deal with Pang Da and Zhejiang, Saab will most likely end up entering bankruptcy. The Chinese automakers had already agreed to pay 100 million euros ($135 million U.S.), but former Saab owner General Motors proclaimed that it wouldn't license technology under the same terms to Saab's new owners. Saab is reportedly scheduled to pay November wages for "a large portion" of its employees this coming week, adding to the urgency of the situation.

Saab postpones creditor meeting as talks with Chinese continue originally appeared on Autoblog on Sun, 20 Nov 2011 17:56:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>gmpang dasaabsaab saleswedish automobileyoungmanzhejiangSun, 20 Nov 2011 17:56:00 EST http://www.autoblog.com/feed/20110367/article-comments.xml http://www.autoblog.com/feed/2011/11/20/saab-postpones-creditor-meeting-as-talks-with-chinese-continue/20110367/article-detail.xml 20110367 http://www.blogcdn.com/www.autoblog.com/media/2011/11/saab-badge-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/11/saab-badge-628.jpg <![CDATA[Despite expiring deadline, Saab talks with Chinese investors continue]]>http://www.autoblog.com/2011/11/15/despite-expiring-deadline-saab-talks-with-chinese-investors-con/http://www.autoblog.com/2011/11/15/despite-expiring-deadline-saab-talks-with-chinese-investors-con/http://www.autoblog.com/2011/11/15/despite-expiring-deadline-saab-talks-with-chinese-investors-con/#commentsFiled under: , , , ,

Saab Badge

Time is running out on the Memorandum Of Understanding between Saab parent Swedish Automobile and the automaker's two Chinese suitors. The MOU technically runs out today, though Automotive News reports that the three companies will continue talks even outside of a formal setting.

Under the proposed agreement, Pang Da and Youngman will buy Saab for around $142 million. The two Chinese companies then plan to invest more than $678 million Saab to help get the company back on track to profitability. That sounds like the company's best hope yet of surviving into the future. Unfortunately, former Saab owner General Motors has said that it is reluctant to allow the deal to proceed as-written because of technology sharing concerns, leaving Swedish Automobile officials to try to work out an amended agreement. Additionally, the Chinese government must also sign off on the deal, though they have allowed

Saab, meanwhile, says that all parties involved continue to work toward a workable solution to the tangle, but the company has just a week left to come up with a proposal to pay its creditors. The company has been under creditor protection while it works to restructure itself, but that protection dries up on November 22 and there's no indication that an extension would be handed out by the courts.

Despite expiring deadline, Saab talks with Chinese investors continue originally appeared on Autoblog on Tue, 15 Nov 2011 16:31:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>general motorspang dasaabswanswedish automobileyoungmanTue, 15 Nov 2011 16:31:00 EST http://www.autoblog.com/feed/20107074/article-comments.xml http://www.autoblog.com/feed/2011/11/15/despite-expiring-deadline-saab-talks-with-chinese-investors-con/20107074/article-detail.xml 20107074 http://www.blogcdn.com/www.autoblog.com/media/2011/11/saab-badge-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/11/saab-badge-628.jpg <![CDATA[Swedish Automobile may be forced to liquidate even if Saab sale goes through]]>http://www.autoblog.com/2011/11/12/swedish-automobile-may-be-forced-to-liquidate-even-if-saab-sale/http://www.autoblog.com/2011/11/12/swedish-automobile-may-be-forced-to-liquidate-even-if-saab-sale/http://www.autoblog.com/2011/11/12/swedish-automobile-may-be-forced-to-liquidate-even-if-saab-sale/#commentsFiled under: , , ,

saab logoSwedish Automobile just can't seem to catch a break. Its main brand, Saab, has received government protection from creditors, looked for loans and even secured a tentative deal with Chinese automakers, but even if it manages sell the Griffin marque, Swedish Automobile may still end up getting liquidated.

Bloomberg reports that Saab parent Swedish Automobile's many dealings would raise 132 million euros ($181 million U.S.) - if everything goes according to plan. That's a big if, and it still doesn't outweigh the 136.5 million euros ($188M) that Swedish Automobile reportedly owes its creditors. According to Bloomberg, that could mean that the company may liquidate regardless of whether or not the sale to Zhejiang Youngman Lotus Automobile and Pang Da Automobile Trade Co. goes through.

According to the report, Swedish Automobile could get through the sale without liquidation if it can wrap up the sale of Spyker. Private equity firm North Street Capital LP has tentatively agreed to purchase Spyker for 32 million euros ($43 million U.S.). That sounds like a done deal, but given the company's recent fortunes, we wouldn't necessarily count on all going according to plan.

Swedish Automobile may be forced to liquidate even if Saab sale goes through originally appeared on Autoblog on Sat, 12 Nov 2011 18:01:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>liquidationpang dasaabspykerswanswedish automobileyoungmanSat, 12 Nov 2011 18:01:00 EST http://www.autoblog.com/feed/20104812/article-comments.xml http://www.autoblog.com/feed/2011/11/12/swedish-automobile-may-be-forced-to-liquidate-even-if-saab-sale/20104812/article-detail.xml 20104812 http://www.blogcdn.com/www.autoblog.com/media/2011/09/saab-emblem_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/09/saab-emblem.jpg <![CDATA[GM moves to sever ties with Saab over Chinese owner concerns]]>http://www.autoblog.com/2011/11/08/gm-moves-to-sever-ties-with-saab-over-chinese-owner-concerns/http://www.autoblog.com/2011/11/08/gm-moves-to-sever-ties-with-saab-over-chinese-owner-concerns/http://www.autoblog.com/2011/11/08/gm-moves-to-sever-ties-with-saab-over-chinese-owner-concerns/#commentsFiled under: , , ,

Saab and GM dealership signage

Spitting out the equivalent of "No soup for you," General Motors has made stronger noises about shutting Saab off from its technology and component pipeline and the new 9-4X, due to the Swedish company's proposed takeover by Chinese firms Pang Da and Youngman. While the GM statement didn't appear to make a definitive statement of walking away, it did say "GM will not agree to the continuation of the existing technology licenses or the continued supply of 9-4X vehicles to Saab following the proposed change in ownership as it would not be in the best interests of GM shareholders."

The mere fact of the Chinese accessing GM technology is obviously part of it, but this would also involve a Chinese competitor - not a joint-venture partner - ingesting a steady stream of GM's current and ongoing platforms and engineering. Since GM's shareholdings mean it needs to approve a Saab sale, the latest arrangement looks like it's going to take some reworking to come to fruition.

Saab CEO Victor Muller saying "We go back to the drawing board" is admitting that GM's stance all but unravels the Chinese agreement to purchase Saab and provide $850 million in long-term funding. We aren't entirely sure what Muller can do when he gets there: the Chinese are the only suitors on the board, no one knows if they even have government approval yet, and GM is the only company that can keep Saab in products without it costing a lot more than $850 million. But Muller's kept the ball in the air this long, we won't be the ones to count him out yet.

GM moves to sever ties with Saab over Chinese owner concerns originally appeared on Autoblog on Tue, 08 Nov 2011 09:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>9-4xgeneral motorsgmpang dasaab chinaswanswedish automobilevictor mulleryoungmanTue, 08 Nov 2011 09:29:00 EST http://www.autoblog.com/feed/20100986/article-comments.xml http://www.autoblog.com/feed/2011/11/08/gm-moves-to-sever-ties-with-saab-over-chinese-owner-concerns/20100986/article-detail.xml 20100986 http://www.blogcdn.com/www.autoblog.com/media/2011/11/saab-and-gm-dealer-signs_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/11/saab-and-gm-dealer-signs.jpg <![CDATA[Are you the next Saab 9-3?]]>http://www.autoblog.com/2011/10/31/are-you-the-next-saab-9-3/http://www.autoblog.com/2011/10/31/are-you-the-next-saab-9-3/http://www.autoblog.com/2011/10/31/are-you-the-next-saab-9-3/#commentsFiled under: , , ,

Next Saab 9-3 rendering

Assuming the Chinese government approves the sale of Saab to the Pang Da and Youngman companies (a very big "if," truth be told), the Swedish automaker could indeed have a bright future... in time. With the new 9-5 and 9-4X not in need of any dire updates just yet, it'd be smart for Saab to focus on reworking its biggest volume offering, the aged 9-3. And judging by this sketch found on Swedish site Svd.se, the next 9-3 (likely called "Ninety-Three") could be quite a rakish yet practical entry into the entry-level luxury segment. The image above is said to be taken from an internal planning document, and it depicts a handsome five-door shape, with Saab's characteristic cantilevered "hockey stick" greenhouse and turbine-shaped wheels.

We at Autoblog were very fond of the three- and five-door 9-3 bodystyles from the late 1990s and early 2000s (as well as the 99 and 900 model ranges that sired them), and with more automakers proving that dramatically sloped hatchbacks can have a place in the luxury segment (thanks, Audi A7 and Porsche Panamera), the rebirth of a proper liftback 9-3 could be a strong move for the beleaguered company. Even from this grainy image, we can see a lot of influence from the Phoenix concept that bowed in Geneva earlier this year, albeit without the showcar's flashier touches.

Still, who knows if this car will ever see the light of day based on Saab's current shaky situation. For now, we're crossing our fingers. Head over to Svd.se for the full story (and more photos).

Are you the next Saab 9-3? originally appeared on Autoblog on Mon, 31 Oct 2011 12:57:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>2012 saab 9-32013 saab 9-39-393ninety-threesaabsaab 9-3saab 93saab ninety-threeswedish automobilevictor mullerMon, 31 Oct 2011 12:57:00 EST http://www.autoblog.com/feed/20094748/article-comments.xml http://www.autoblog.com/feed/2011/10/31/are-you-the-next-saab-9-3/20094748/article-detail.xml 20094748 http://www.blogcdn.com/www.autoblog.com/media/2011/10/next-saab-9-3_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/10/next-saab-9-3.jpg <![CDATA[Saab's Chinese buyers commit over $850M in long-term funding]]>http://www.autoblog.com/2011/10/31/saabs-chinese-buyers-commit-over-850m-in-long-term-funding/http://www.autoblog.com/2011/10/31/saabs-chinese-buyers-commit-over-850m-in-long-term-funding/http://www.autoblog.com/2011/10/31/saabs-chinese-buyers-commit-over-850m-in-long-term-funding/#commentsFiled under: , ,



Saab may have finally been saved last week when Chinese companies Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co. agreed to buy the Swedish automaker, thus providing some much-needed short- and long-term financing. Pang Da and Youngman purchased Saab for 100 million euros ($142M USD) and they are offering up a €50 million ($70M) bridge loan. Most importantly, the Chinese companies have now pledged €600 million ($854M) in long-term funding. That's assuming, of course, that the Chinese government gives this deal its seal of approval - a very big "if."

According to Saab's restructuring plan, vehicle production will once again resume in Sweden and Mexico, though vehicles may be built in China in the future. Saab is keen to get its latest products - the 9-4X and 9-5 SportCombi - out to its key markets, and hopes to sell up to 55,000 units in 2012, with an even larger goal of moving 205,000 units per year in the long-term. That's very optimistic, especially considering that in 2010, Saab sold just under 32,000 vehicles.

Even so, Pang Da and Yougman are confident that Saab can become a profitable company in the very near future. The restructuring plan states that 2012 and 2013 will be "financial transition years," with full profitability expected in 2014. Follow the jump to read the full release.

Continue reading Saab's Chinese buyers commit over $850M in long-term funding

Saab's Chinese buyers commit over $850M in long-term funding originally appeared on Autoblog on Mon, 31 Oct 2011 10:45:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>chinese automakerspang dapangdasaabsaab chinaswedish automobileyoungmanMon, 31 Oct 2011 10:45:00 EST http://www.autoblog.com/feed/20094525/article-comments.xml http://www.autoblog.com/feed/2011/10/31/saabs-chinese-buyers-commit-over-850m-in-long-term-funding/20094525/article-detail.xml 20094525 http://www.blogcdn.com/www.autoblog.com/media/2011/10/par2191175_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/10/par2191175.jpg <![CDATA[Saab agrees to be sold to Pang Da, Youngman]]>http://www.autoblog.com/2011/10/28/saab-agrees-to-be-sold-to-pang-da-youngman/http://www.autoblog.com/2011/10/28/saab-agrees-to-be-sold-to-pang-da-youngman/http://www.autoblog.com/2011/10/28/saab-agrees-to-be-sold-to-pang-da-youngman/#commentsFiled under: , , ,

Saab Headquarters

Despite shunning a previous takeover bid earlier this month, Swedish Automobile N.V. and Chinese automakers Youngman and Pang Da have signed a memorandum of understanding for the outright purchase of Saab and Saab Great Britain for just €100 million, or around $140 million USD. The deal is still subject to the approval of various authorities, including the Chinese government, but the deal is expected to go through. Guy Lofalk, an administrator in the reorganization of Saab, has officially withdrawn his application to withdraw from reorganization. Unfortunately, this doesn't mean that Saab is completely out of the woods.

According to The New York Times, industry watchers suggest may take anywhere from $800 million to $1.5 billion to set the beleaguered automaker back on the path toward profitability, and it's unclear whether Pang Da and Youngman have the desire and the ability to invest that sort of cash into the company. At this point, Saab hasn't produced a single vehicle since spring of this year, and it remains unclear when - or even if - assembly will resume. Hit the jump for a press release on the deal.

Continue reading Saab agrees to be sold to Pang Da, Youngman

Saab agrees to be sold to Pang Da, Youngman originally appeared on Autoblog on Fri, 28 Oct 2011 09:56:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>pang dasaabsaab salesaab soldswanswedish automobilevictor mulleryoungmanFri, 28 Oct 2011 09:56:00 EST http://www.autoblog.com/feed/20092942/article-comments.xml http://www.autoblog.com/feed/2011/10/28/saab-agrees-to-be-sold-to-pang-da-youngman/20092942/article-detail.xml 20092942 http://www.blogcdn.com/www.autoblog.com/media/2011/10/saab-hq-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/10/saab-hq-628.jpg <![CDATA[Pang Da, Youngman say original Saab deal still valid]]>http://www.autoblog.com/2011/10/26/pang-da-youngman-say-original-saab-deal-still-valid/http://www.autoblog.com/2011/10/26/pang-da-youngman-say-original-saab-deal-still-valid/http://www.autoblog.com/2011/10/26/pang-da-youngman-say-original-saab-deal-still-valid/#commentsFiled under: , , ,

Saab's Trollhatten plant

As with any good breakup, the recent split between Saab and its Chinese suitors has birthed a bit of he-said, she-said. Automotive News Europe reports that Pang Da and Youngman have announced that their equity deal with the Swedish automaker is still valid even after Saab said that it was cancelling the arrangement. Saab accused both Chinese companies of failing to confirm or fulfill their commitments of interim funding while the automaker underwent government-protected restructuring.

Pang Da, meanwhile, has said that while it never signed an agreement for bridge funding Saab, the company still fully intends to continue to hold up its end of the bargain, including seeking the approval of the Chinese government for the deal. The company has already paid Saab €45 million (about $62M USD) in a separate vehicle purchase deal.

Youngman, meanwhile, notes that it has already paid an $11 million bridge loan. Both Youngman and Pang Da have indicated that they are still willing and able to help Saab with short and mid-term funding options.

Pang Da, Youngman say original Saab deal still valid originally appeared on Autoblog on Wed, 26 Oct 2011 13:31:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>pang dasaabsaab chinaswanswedish automobilevictor mulleryoungmanWed, 26 Oct 2011 13:31:00 EST http://www.autoblog.com/feed/20090972/article-comments.xml http://www.autoblog.com/feed/2011/10/26/pang-da-youngman-say-original-saab-deal-still-valid/20090972/article-detail.xml 20090972 http://www.blogcdn.com/www.autoblog.com/media/2011/10/saab-trollhatten-plant_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/10/saab-trollhatten-plant.jpg <![CDATA[Saab shirks takeover bid by China's Pang Da and Youngman, terminates deal]]>http://www.autoblog.com/2011/10/24/saab-shirks-takeover-bid-by-chinas-pang-da-and-youngman-termin/http://www.autoblog.com/2011/10/24/saab-shirks-takeover-bid-by-chinas-pang-da-and-youngman-termin/http://www.autoblog.com/2011/10/24/saab-shirks-takeover-bid-by-chinas-pang-da-and-youngman-termin/#commentsFiled under: , ,

Saab Emblem

Saab has officially confirmed that it has terminated its deal with Pang Da and Youngman. In a press release, the company said that the deal came to an end because both of its Chinese partners failed to live up to their end of the bargain; namely supplying Saab with the interim funding necessary to continue operations during the manufacturer's reorganization. In response, Pang Da and Youngman apparently offered a complete takeover by purchasing 100-percent of the Swedish automaker's shares, but Saab since rejected that offer, calling it "unacceptable." However, Saab notes that further discussions are ongoing.

That leaves the future of Saab in its most precarious state since the deal with Pang Da and Youngman was initially announced back in July. While the automaker recently signed a smaller deal with North Street Capital, it's unclear where Saab is headed in the immediate future. Why has CEO Victor Muller and his team decided that it's better to risk slipping into bankruptcy instead of having the brand live on under Chinese ownership? Is there another partner in the works, is this just a misguided power play, or is there something else afoot entirely? Only time will tell - as Saab's last 24 months indicate, absolutely nothing can be ruled out. For now, hit the jump for the full press release.

Continue reading Saab shirks takeover bid by China's Pang Da and Youngman, terminates deal

Saab shirks takeover bid by China's Pang Da and Youngman, terminates deal originally appeared on Autoblog on Mon, 24 Oct 2011 11:01:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>pang dapang da automobilesaabsaab dealsaab financingswedish automobilevictor mulleryoungmanMon, 24 Oct 2011 11:01:00 EST http://www.autoblog.com/feed/20088796/article-comments.xml http://www.autoblog.com/feed/2011/10/24/saab-shirks-takeover-bid-by-chinas-pang-da-and-youngman-termin/20088796/article-detail.xml 20088796 http://www.blogcdn.com/www.autoblog.com/media/2011/10/saab-emblem-1319466739_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/10/saab-emblem-1319466739.jpg -1 2