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[Spyker promises B6 Venator Spyder reveal this year]]>http://www.autoblog.com/2013/05/02/spyker-promises-b6-venator-spyder-reveal-this-year/http://www.autoblog.com/2013/05/02/spyker-promises-b6-venator-spyder-reveal-this-year/http://www.autoblog.com/2013/05/02/spyker-promises-b6-venator-spyder-reveal-this-year/#commentsFiled under: , , ,

Spyker B6 Venator Concept

Tucked in the middle of a very long business update press release, Spyker has confirmed that it will unveil a topless version of the B6 Venator Concept that we first saw in coupe form at the Geneva Motor Show earlier this year. A specific launch timeframe has not been given, other than the ultra-vague "later this year," but we'll bet our bottom dollar that the open-top B6 will show its face at the Frankfurt Motor Show this September.

Spyker states that the launch of the B6 marks "the beginning of a new era for the brand, one that will include a significant increase in production." The B6 will go into production in 2014, with the first cars being allocated for Europe, the Middle East, Asia Pacific and India. Production of US-spec models will kick off in the fall of 2014.

We don't imagine the specs will change from the coupe, meaning the mid-mounted V6 with 375 horsepower should still be offered in the Spyder. A key factor to the coupe's performance is lightness (the whole package weighs in at just 3,100 pounds), and while we don't imagine the Spyder will be a porker, some sort of folding top mechanism and its associated bracing will no doubt add weight.

We'll keep our ear to the ground for more details before the car's unveiling later this year. For now, scroll down for a full business update in Spyker's press release.

Continue reading Spyker promises B6 Venator Spyder reveal this year

Spyker promises B6 Venator Spyder reveal this year originally appeared on Autoblog on Thu, 02 May 2013 13:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>spykerspyker b6 venatorspyker b6 venator spyderspyker carsvictor mullerThu, 02 May 2013 13:29:00 EST http://www.autoblog.com/feed/20556088/article-comments.xml http://www.autoblog.com/feed/2013/05/02/spyker-promises-b6-venator-spyder-reveal-this-year/20556088/article-detail.xml 20556088 http://www.blogcdn.com/www.autoblog.com/media/2013/05/01-spyker-b6-venator-concept-geneva_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2013/05/01-spyker-b6-venator-concept-geneva.jpg <![CDATA[Spyker: It's not just about numbers]]>http://www.autoblog.com/2013/04/12/spyker-it-s-not-just-about-numbers/http://www.autoblog.com/2013/04/12/spyker-it-s-not-just-about-numbers/http://www.autoblog.com/2013/04/12/spyker-it-s-not-just-about-numbers/#commentsFiled under: , , , , ,

A Compelling Story Counts As Much As Performance

Spyker Victor Muller

Muller believes there's room for small, boutique exotics like Spyker.

Following his ill-fated efforts to save Saab, Victor Muller is again back at Spyker Cars as CEO working hard on a comeback for the Dutch-based maker of exotic cars.

You could say he's a dreamer, but having established Spyker as a credible player in the ultra-exclusive exotic car niche and tempered by his experience at Saab, Muller is also a realist about both the capital requirements and the complexities in building automobiles. As volumes grow, the chance increases that even the littlest mistake can derail the whole enterprise.

Muller believes there's room for small, boutique exotics like Spyker, Pagani and Koenigsegg in a market saturated by supercars from players like Ferrari, Lamborghini, McLaren, VW Group's Bugatti and even Lexus with its LF-A.

Matt DeLorenzo is the former editor-in-chief of Road & Track and has covered the auto industry for 35 years, including stints at Automotive News and AutoWeek. He has authored books including VW's New Beetle, Chrysler's Modern Concept Cars, and Corvette Dynasty.

Continue reading Spyker: It's not just about numbers

Spyker: It's not just about numbers originally appeared on Autoblog on Fri, 12 Apr 2013 17:44:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>featuredmatt delorenzoopinionsaabspykervictor mullerFri, 12 Apr 2013 17:44:00 EST http://www.autoblog.com/feed/20534062/article-comments.xml http://www.autoblog.com/feed/2013/04/12/spyker-it-s-not-just-about-numbers/20534062/article-detail.xml 20534062 http://www.blogcdn.com/www.autoblog.com/media/2012/08/victor-muller-of-spyker-cars_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/08/victor-muller-of-spyker-cars.jpg <![CDATA[Spyker looking to get back on its feet with 911-fighter?]]>http://www.autoblog.com/2013/02/01/spyker-looking-to-get-back-on-its-feet-with-911-fighter/http://www.autoblog.com/2013/02/01/spyker-looking-to-get-back-on-its-feet-with-911-fighter/http://www.autoblog.com/2013/02/01/spyker-looking-to-get-back-on-its-feet-with-911-fighter/#commentsFiled under: , , ,

Spyker Emblem

Word has it Spyker is headed to this year's Geneva Motor Show with a new model designed to compete against the Porsche 911. Dutch newspaper De Telegraaf reports the automaker is prepared to reveal a new model with a smaller footprint and price tag than the current C8 Aileron. Details are otherwise hard to come by at the moment, but we imagine Spyker is keen to shake off the dust of the Saab implosion and push forward. Spyker CEO Victor Muller, while speaking with De Telegraaf, said only the new model "will surprise you."

Spyker has been noticeably absent from the Geneva Motor Show for the past two years, thanks in part to its attempts to keep Saab afloat. Those efforts eventually failed, leaving the Swedish automaker in bankruptcy. Still, we'll be interested to see what Spyker has in store for visitors to the Geneva Motor Show. Stay tuned for our live coverage from the floor when press days kick off on March 5.

Spyker looking to get back on its feet with 911-fighter? originally appeared on Autoblog on Fri, 01 Feb 2013 18:47:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>2013 geneva motor showgenevageneva motor showporsche 911spykervictor mullerFri, 01 Feb 2013 18:47:00 EST http://www.autoblog.com/feed/20446072/article-comments.xml http://www.autoblog.com/feed/2013/02/01/spyker-looking-to-get-back-on-its-feet-with-911-fighter/20446072/article-detail.xml 20446072 http://www.blogcdn.com/www.autoblog.com/media/2013/02/spyker-emblem-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2013/02/spyker-emblem-628.jpg <![CDATA[Saab's Victor Muller wanted to nix Griffin, return to airplane emblem]]>http://www.autoblog.com/2012/10/09/saabs-victor-muller-wanted-to-nix-griffin-return-to-airplane-e/http://www.autoblog.com/2012/10/09/saabs-victor-muller-wanted-to-nix-griffin-return-to-airplane-e/http://www.autoblog.com/2012/10/09/saabs-victor-muller-wanted-to-nix-griffin-return-to-airplane-e/#commentsFiled under: , , ,

Saab Emblem

According to Just-Auto.com Victor Muller wasn't a fan of the Saab Griffin logo. The executive was quoted as saying he wanted to "abolish" the Griffin logo and return to the airplane emblem. Muller made it clear that if he'd had his way, the propeller would have replaced the Griffin across the Saab lineup long ago.

National Electric Vehicle Sweden, the company that recently bought Saab, was forced to abandon the Griffin logo due to the fact that the emblem is still used by truck manufacturer Scania. The manufacturer is reportedly concerned about potential Chinese counterfeiting - NEVS is owned by Youngman, a Chinese automaker - though it's unclear how that relationship would lead to illegal copies.

Either way, NEVS has said the loss of the Griffin logo isn't that important to the company so long as it can continue to build on the Saab name. Muller, meanwhile, said he wishes NEVS luck in the company's electric-vehicle endeavor, but that he doesn't understand its new business model.

Saab's Victor Muller wanted to nix Griffin, return to airplane emblem originally appeared on Autoblog on Tue, 09 Oct 2012 09:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>griffengriffen logonational electric vehicle swedennevssaabscaniavictor mullerTue, 09 Oct 2012 09:15:00 EST http://www.autoblog.com/feed/20344114/article-comments.xml http://www.autoblog.com/feed/2012/10/09/saabs-victor-muller-wanted-to-nix-griffin-return-to-airplane-e/20344114/article-detail.xml 20344114 http://www.blogcdn.com/www.autoblog.com/media/2012/10/saab-emblem-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/10/saab-emblem-628.jpg <![CDATA[GM granted 30-day extension on Spyker's Saab-related lawsuit]]>http://www.autoblog.com/2012/08/27/gm-granted-30-day-extension-on-spykers-saab-related-lawsuit/http://www.autoblog.com/2012/08/27/gm-granted-30-day-extension-on-spykers-saab-related-lawsuit/http://www.autoblog.com/2012/08/27/gm-granted-30-day-extension-on-spykers-saab-related-lawsuit/#commentsFiled under: , , ,



General Motors has asked for more time to reply to the lawsuit brought by Spyker over the Saab affair, and Spyker has agreed to extend the deadline one month until September 28. A quick refresh: Spyker has accused GM of tortious interference in Saab's dealings with the Chinese investors that might have been able to save the company, and intentionally and unlawfully driving Saab into bankruptcy.

The Dutch sports car maker is seeking $3 billion in damages, that number being its putative valuation of Saab had it worked out a deal with Chinese investor Youngman. GM's position is still that the lawsuit has no merit. You'll find Spyker's press release about the extension below.

Continue reading GM granted 30-day extension on Spyker's Saab-related lawsuit

GM granted 30-day extension on Spyker's Saab-related lawsuit originally appeared on Autoblog on Mon, 27 Aug 2012 08:59:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>general motorsgmlawsuitsaabsaab bankruptcysaab lawsuitsaab salespykervictor mulleryoungmanMon, 27 Aug 2012 08:59:00 EST http://www.autoblog.com/feed/20309003/article-comments.xml http://www.autoblog.com/feed/2012/08/27/gm-granted-30-day-extension-on-spykers-saab-related-lawsuit/20309003/article-detail.xml 20309003 http://www.blogcdn.com/www.autoblog.com/media/2012/08/saab-and-gm-dealer-signs_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/08/saab-and-gm-dealer-signs.jpg <![CDATA[Spyker files $3 billion lawsuit against General Motors over Saab's demise]]>http://www.autoblog.com/2012/08/06/spyker-files-3-billion-lawsuit-against-general-motors-over-saab/http://www.autoblog.com/2012/08/06/spyker-files-3-billion-lawsuit-against-general-motors-over-saab/http://www.autoblog.com/2012/08/06/spyker-files-3-billion-lawsuit-against-general-motors-over-saab/#commentsFiled under: , , , ,

Victor Muller of Spyker Cars in front of his building

"Smack." That's the sound of Spyker's process server dropping a big ol' pile of legal documents on the doorstep of The Renaissance Center, home of General Motors - or wherever GM's attorneys live during business hours. Contained therein is a Complaint, filed in the U.S. District Court for the Eastern District of Michigan and demanding a jury trial, that seeks $3 billion in damages due to "the unlawful actions GM took to avoid competition with Saab Automobile in the Chinese market." Spyker accuses GM of "tortiously interfering" with Saab's business relationship with Chinese automaker Zhejiang Youngman Lotus Automobile (Youngman), actions that Spyker CEO Victor Muller (above) said "deliberately drove Saab Automobile into bankruptcy."

(From Wikipedia: "Tortious interference, also known as intentional interference with contractual relations, in the common law of torts, occurs when a person intentionally damages the plaintiff's contractual or other business relationships.")

The interference in question specifically refers to the very last potential deal, called the Framework Agreement, that Spyker worked out with Youngman. With lots of GM engineering embedded into the 9-4X and 9-5, The General had the right to approve any Saab partnership that would involve the transfer of GM intellectual property. Spyker had been rebuffed over every previous deal with a Chinese firm, including two bids by Youngman, due to GM concerns over its IP getting into Chinese hands and having to face Chinese-market competitors using its technology. The Complaint alleges that the Framework Agreement would have put a firewall around all GM IP - Youngman would only work on Saab's Phoenix platform, said to be just about free of GM tech, and would have no access to 9-3, 9-4X or 9-5 technology until after Saab ceased all ties to GM.

Thoretically, as stated in the Complant, this should have spared Saab the need to even ask GM for permission to make the deal outlined in the Framework Agreement since it didn't involve any transfer of GM technology. GM felt differently and repeatedly, publicly proclaimed that the Framework Agreement couldn't proceed without GM's say-so, which GM would not give, and that led to Youngman walking away. It is those public proclamations by GM that Spyker alleges as tortious interference. That's the basics, but there's a lot more to be discovered in the 27-page Complaint, which can be found here.

Muller said they've been working on preparing the lawsuit since bankruptcy was declared last year, and with a view to a lengthy and heinously expensive court battle, Muller's golden touch with securing money has come through yet again: a third party has furnished Spyker with the "backing required to see the lawsuit through to the end." There's a press release below announcing the move, otherwise known as "the first shot."

Continue reading Spyker files $3 billion lawsuit against General Motors over Saab's demise

Spyker files $3 billion lawsuit against General Motors over Saab's demise originally appeared on Autoblog on Mon, 06 Aug 2012 10:27:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>general motorsgmlawsuitsaabsaab bankruptcysaab lawsuitsaab salespykervictor mulleryoungmanMon, 06 Aug 2012 10:27:00 EST http://www.autoblog.com/feed/20293974/article-comments.xml http://www.autoblog.com/feed/2012/08/06/spyker-files-3-billion-lawsuit-against-general-motors-over-saab/20293974/article-detail.xml 20293974 http://www.blogcdn.com/www.autoblog.com/media/2012/08/victor-muller-of-spyker-cars_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/08/victor-muller-of-spyker-cars.jpg <![CDATA[Muller looking to reboot Spyker]]>http://www.autoblog.com/2012/04/19/muller-looking-to-reboot-spyker/http://www.autoblog.com/2012/04/19/muller-looking-to-reboot-spyker/http://www.autoblog.com/2012/04/19/muller-looking-to-reboot-spyker/#commentsFiled under: , , , , , ,

Spyker D12 Peking-to-Paris crossover - front three-quarter view

Victor Muller's on-again, off-again love affair with Spyker seems to be back on track. During the executive's fling with Saab, Spyker was up for sale to the highest bidder. No one stepped forward to take the exotic Dutch luxury manufacturer off of Muller's hands, which has apparently turned out to be a blessing in disguise. Now that Saab has collapsed into bankruptcy, Muller has renamed Swedish Automobile Spyker once again. With the goal of running an international car company all but faded, Muller is expected to return his attention to building up Spyker.

According to reports, the executive aims to push Spyker to produce 1,000 units a year and introduce a handful of new models. Those include the D12 Peking-To-Paris Concept seen above, a model first unveiled in 2006. Of course, that plan hinges on securing investors for the company. Spyker needs around $32 million to get production up and running again, and Muller is currently courting a number of potential funding sources.

Not surprisingly, investors are a bit skittish after the executive's failed attempts at both Formula One and Saab.

Muller looking to reboot Spyker originally appeared on Autoblog on Thu, 19 Apr 2012 10:01:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>d12d12 peking-to-parisspykerspyker d12spyker d12 suvvictor mullerThu, 19 Apr 2012 10:01:00 EST http://www.autoblog.com/feed/20219228/article-comments.xml http://www.autoblog.com/feed/2012/04/19/muller-looking-to-reboot-spyker/20219228/article-detail.xml 20219228 http://www.blogcdn.com/www.autoblog.com/media/2009/07/spyker_d12_large-630op_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2009/07/spyker_d12_large-630op.jpg <![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[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 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[Saab files for bankruptcy]]>http://www.autoblog.com/2011/12/19/saab-files-for-bankruptcy/http://www.autoblog.com/2011/12/19/saab-files-for-bankruptcy/http://www.autoblog.com/2011/12/19/saab-files-for-bankruptcy/#commentsFiled under: , , ,

Saab boss Victor Muller

The Wall Street Journal reports Saab has finally filed for bankruptcy protection in a Swedish district court. Saab CEO Victor Muller reportedly turned in the bankruptcy application just hours before a court was set to rule on the company's reorganization. According to the company's Facebook page, the filing comes nearly two years to the day after Saab first learned it would be scrapped as part of the General Motors reorganization.

The latest development in the automaker's tireless fight for survival could be the last chapter in the Saab story. Saab has been in a state of suspended production since April when the company ran out of cash and the company's creditors came knocking. The company then entered into government-sanctioned creditor protection as Muller worked to find investors in the storied Swedish brand.

An on again, off again suitor soap opera carried on for months with Chinese companies Youngman and Pang Da, but repeated cash flow delays and vetos from GM squashed that deal before it could get off of the ground. GM expressed concerns over Saab working so closely with its direct competitors in China when so much of the Saab technological encyclopedia was penned by the American automaker.

Saab files for bankruptcy originally appeared on Autoblog on Mon, 19 Dec 2011 09:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>general motorsgmpang dasaabsaab bankruptcyvictor mulleryoungmanMon, 19 Dec 2011 09:15:00 EST http://www.autoblog.com/feed/20130792/article-comments.xml http://www.autoblog.com/feed/2011/12/19/saab-files-for-bankruptcy/20130792/article-detail.xml 20130792 http://www.blogcdn.com/www.autoblog.com/media/2011/12/saab-victor-muller-mics_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/12/saab-victor-muller-mics.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[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 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 -1 2