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 Phoenix platform to get second life with Spyker/Youngman deal?]]>http://www.autoblog.com/2012/12/10/saabs-phoenix-platform-to-get-second-life-with-spyker-youngman/http://www.autoblog.com/2012/12/10/saabs-phoenix-platform-to-get-second-life-with-spyker-youngman/http://www.autoblog.com/2012/12/10/saabs-phoenix-platform-to-get-second-life-with-spyker-youngman/#commentsFiled under: , , , , , , ,



Who knew that Jay Z was talking about Spyker founder and CEO Victor Muller when he sang, "I'm a hustla, baby, I just want you to know, it ain't where I been but where I'm 'bout to go..." The visionary Dutchman has concluded a deal with with Youngman - a partner since the whirlwind days of Saab - to inject money into Spyker, build cars off the Phoenix platform intended for Saab, and resurrect the D8 Peking to Paris SUV and potentially other SUVs. The deal was conditionally announced a few months ago.

The multipart deal begins with Youngman investing ten million euros into Spyker. Seven million of that will be used to purchase no more than 29.9 percent of Spyker shares, the other three million will be an open-ended loan with options for repayment mechanisms. Youngman has already handed over 2.3 million euros of the amount, the rest is expected by the end of January 2013.

Next up is a joint venture called Spyker P2P, of which Spyker will control 25 percent and Youngman the rest. The Chinese company is throwing another 25 million euros into the JV, Spyker is providing not cash but "the technology it developed for the Spyker D8 Peking-to-Paris," the $250,000 SSUV. Spyker P2P wants to launch the perpetually stillborn D8 by the end of 2014 and will then consider other models on its platform, and the continued development of the C8 Aileron is also a factor in future plans.

After that comes the Spyker Phoenix joint venture, in which Spyker has a 20-percent stake and Youngman the rest. Youngman owns the license to the Phoenix platform that was meant to support new Saabs and this JV will build "a full range of premium car models" on it, at higher price points than the planned Saabs, and possibly built in Europe and China.

The final joint venture is Spyker Trademark Company, Youngman again a majority owner with a 75 percent share and Spyker the remainder. This JV gives all of the other JVs the rights to use the Spyker trademark.

Assuming the due diligence passes muster and the legal authorities consent, Youngman will possess the authority to nominate a third of both Spyker's management and supervisory boards, and Spyker and Youngman will be putting all their technology and resources into each others' hands. There's a press release below with all the finance-heavy details.

Continue reading Saab's Phoenix platform to get second life with Spyker/Youngman deal?

Saab's Phoenix platform to get second life with Spyker/Youngman deal? originally appeared on Autoblog on Mon, 10 Dec 2012 09:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>d8d8 p2pd8 peking to paris ssuvphoenixsaabsaab phoenixspykerspyker phoenixspyker youngmanyoungmanMon, 10 Dec 2012 09:29:00 EST http://www.autoblog.com/feed/20397906/article-comments.xml http://www.autoblog.com/feed/2012/12/10/saabs-phoenix-platform-to-get-second-life-with-spyker-youngman/20397906/article-detail.xml 20397906 http://www.blogcdn.com/www.autoblog.com/media/2012/12/spykeryoungmanphx_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/12/spykeryoungmanphx.jpg <![CDATA[GM denies Spyker claims in $3B Saab lawsuit]]>http://www.autoblog.com/2012/10/02/gm-denies-spyker-claims-in-3b-saab-lawsuit/http://www.autoblog.com/2012/10/02/gm-denies-spyker-claims-in-3b-saab-lawsuit/http://www.autoblog.com/2012/10/02/gm-denies-spyker-claims-in-3b-saab-lawsuit/#commentsFiled under: , , ,

GMReuters reports General Motors has dismissed claims by Spyker outlined in a $3 billion lawsuit. Spyker alleged GM deliberately bankrupted Saab by preventing a deal with Chinese investor Zhejiang Youngman Lotus. GM, meanwhile, filed a response with the U.S. District Court for the Eastern District of Michigan saying that as the former owner of Saab, GM had the legal right to approve the deal with Youngman. But Spyker's lawsuit claimed GM's refusal to approve the deal with Youngman stemmed from the fact that the American automaker didn't want to create a competitor in China.

GM has said the issue stemmed more from the fact that it would stop licensing its technology to Saab or stop building vehicles for the manufacturer in the event it was bought by Youngman. Since Saab built its own platform that didn't use any GM tech, Spyker says that argument is meritless.

The lawsuit has Spyker seeking $3 billion in compensatory damages, though that number could swell with interest, punitive damages and legal fees, as well. Victor Muller, Spyker chief executive, has said the lawsuit is being funded by an anonymous third party. That party will share in any settlement. Youngman has refused to comment on whether or not it's footing the legal bill.

GM denies Spyker claims in $3B Saab lawsuit originally appeared on Autoblog on Tue, 02 Oct 2012 14:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>general motorsgmlawsuitsaabspykerspyker lawsuityoungmanTue, 02 Oct 2012 14:15:00 EST http://www.autoblog.com/feed/20338162/article-comments.xml http://www.autoblog.com/feed/2012/10/02/gm-denies-spyker-claims-in-3b-saab-lawsuit/20338162/article-detail.xml 20338162 http://www.blogcdn.com/www.autoblog.com/media/2012/10/gm-250_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/10/gm-250.jpg <![CDATA[Spyker and Youngman sign deal, plan to build D8 SUV and Phoenix-based range]]>http://www.autoblog.com/2012/08/27/spyker-and-youngman-sign-deal-plan-to-build-d8-suv-and-phoenix/http://www.autoblog.com/2012/08/27/spyker-and-youngman-sign-deal-plan-to-build-d8-suv-and-phoenix/http://www.autoblog.com/2012/08/27/spyker-and-youngman-sign-deal-plan-to-build-d8-suv-and-phoenix/#commentsFiled under: , , , , , , , ,

Spyker SSUV concept - studio view - front three-quarter view

It appears Spyker is strengthen its ties and carmaking ability with Chinese carmaker Youngman. This comes in the wake of the brand's latest dealings with a $3 billion lawsuit against General Motors regarding the demise of Saab.

Youngman is reportedly investing €10,000,000 ($12.5M USD) for a 29.9-percent stake in the company. The shares are being sold for €0.05 (6.3 cents) each, representing a fully diluted share. Youngman has said it will not take on more than the 29.9-percent stake.

Additionally, Youngman will invest €25,000,000 ($31M) for the development of an all-new Spyker vehicle, called the D8 P2P, named for the Peking-to-Paris rally. The vehicle had been shown as a concept by Spyker previously, but things had been quiet since then. It appears Spyker will now build the uniquely styled D8 Concept shown above. The vehicle is to launch at the end of 2014 and carry a price of $250,000 per vehicle.

It also appears a second car range will be built, based on the Phoenix platform. Though Saab may have, for all intents and purposes, gone under, Spyker has transferred the licensing rights of the Phoenix platform (the architecture that was to underpin the next 9-3) to... itself. According to Youngman's CEO Pang Qingnian, "We have felt all along that a cooperation with Spyker had to be pursued, even after we both unjustifiably lost the opportunity to restructure Saab," he continued, "with this agreement, many of our original intentions with the Saab brand will take shape."

So while we continue to see the developments of Spyker's relationship with the Chinese automaker, it will be interesting to see just what vehicles develop under this deal - both for the Spyker brand as well as for Youngman.

Spyker and Youngman sign deal, plan to build D8 SUV and Phoenix-based range originally appeared on Autoblog on Mon, 27 Aug 2012 13:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>d8 p2ppeking to parissaabsaab phoenixspykerspyker d8spyker d8 p2pspyker d8 peking to parisyoungmanMon, 27 Aug 2012 13:29:00 EST http://www.autoblog.com/feed/20309709/article-comments.xml http://www.autoblog.com/feed/2012/08/27/spyker-and-youngman-sign-deal-plan-to-build-d8-suv-and-phoenix/20309709/article-detail.xml 20309709 http://www.blogcdn.com/www.autoblog.com/media/2012/08/spykerd12large-630op_thumbnail.jpeg http://www.blogcdn.com/www.autoblog.com/media/2012/08/spykerd12large-630op.jpeg <![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[Youngman bids anew for Saab]]>http://www.autoblog.com/2012/06/01/youngman-bids-anew-for-saab/http://www.autoblog.com/2012/06/01/youngman-bids-anew-for-saab/http://www.autoblog.com/2012/06/01/youngman-bids-anew-for-saab/#commentsFiled under:

Saab logo

After withdrawing its original $492 million bid for Saab, Zhejiang Youngman Lotus Automobile has returned to the bidding with a fresh offer of $552 million, according to a report from Bloomberg. Right now, Youngman is bidding for Saab against a group comprised of a Japanese investment firm, Sun Investment and Hong Kong-based National Modern Energy Holdings.

As we told you earlier, the duo of Sun Investment and National Modern Energy Holdings has formed a new company called National Electric Vehicle Sweden, created with the sole purpose of buying up all of Saab's assets.

When approached by Automotive News Europe and Bloomberg, a spokesperson for the bankruptcy administration declined to comment on when a decision would be reached.

Youngman bids anew for Saab originally appeared on Autoblog on Fri, 01 Jun 2012 17:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>national modern energy holdingssaabsaab automobilesaab salesun investmentyoungmanyoungman lotusFri, 01 Jun 2012 17:30:00 EST http://www.autoblog.com/feed/20249683/article-comments.xml http://www.autoblog.com/feed/2012/06/01/youngman-bids-anew-for-saab/20249683/article-detail.xml 20249683 http://www.blogcdn.com/www.autoblog.com/media/2012/06/13-2011-saab-9-4x-fd_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/06/13-2011-saab-9-4x-fd.jpg <![CDATA[China's Youngman bails on Saab, Mahindra still in the mix]]>http://www.autoblog.com/2012/05/23/chinas-youngman-bails-on-saab-mahindra-still-in-the-mix/http://www.autoblog.com/2012/05/23/chinas-youngman-bails-on-saab-mahindra-still-in-the-mix/http://www.autoblog.com/2012/05/23/chinas-youngman-bails-on-saab-mahindra-still-in-the-mix/#commentsFiled under: ,



Zhejiang Youngman Lotus Automobile has been jettisoned from the dwindling pool of bidders for Saab after tendering an offer of $492 million for the whole kaboodle. Exact reasons weren't given for Youngman leaving the table, but according to a report in Autoweek.nl, "Chinese bureaucracy" was partially to blame and there apparently wasn't complete confidence in the Chinese company's finances.

Reports say the bidding is meant to close in the next week, but we still don't know who all the bidders are - India's Mahindra & Mahindra, China's Geely/Volvo and at least one as-yet-unknown entity are after the whole company or select assets. Swedish media was hinting at another bidder with electric car knowledge, not from China, to take control of Saab. And if that same Autoweek.nl story is correct, Spyker's Victor Muller didn't leave the premises empty-handed, as "Spyker would be the licensing agent of the Saab 9-5 and continue to be paid for its use."

China's Youngman bails on Saab, Mahindra still in the mix originally appeared on Autoblog on Wed, 23 May 2012 13:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>9-5chinamahindrasaabsaab 9-5saab automobilessaab bankruptsaab bankruptcysaab bidspykeryoungmanyoungman saab bidWed, 23 May 2012 13:00:00 EST http://www.autoblog.com/feed/20243411/article-comments.xml http://www.autoblog.com/feed/2012/05/23/chinas-youngman-bails-on-saab-mahindra-still-in-the-mix/20243411/article-detail.xml 20243411 http://www.blogcdn.com/www.autoblog.com/media/2012/05/youngmannosaab_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/05/youngmannosaab.jpg <![CDATA[Saab gets new $492M bid from Youngman]]>http://www.autoblog.com/2012/04/18/saab-gets-new-492m-bid-from-youngman/http://www.autoblog.com/2012/04/18/saab-gets-new-492m-bid-from-youngman/http://www.autoblog.com/2012/04/18/saab-gets-new-492m-bid-from-youngman/#commentsFiled under: , , ,

2011 Saab 9-4X - front three-quarter view

Youngman has made another bid for bankrupt Saab, according to new reports. The Chinese automaker has offered to buy what's left of Saab for $470 million at current conversion rates. The news comes courtesy of Dagens Industri. The newspaper also indicates that's the absolute lowest the Swedish automaker's pledgees and real estate owners will accept to settle the company's impressive debt. The deal would also set aside an additional $1.47 billion to restart production at the mothballed Trollhattan facility. Other foreign automakers are also vying over Saab's remains, including India's Mahindra & Mahindra.

Pang Da, meanwhile, seems to have no interest in continuing to pursue Saab. The company paid out around $59 million for vehicles Saab was supposed to produce. That never happened, and now the Chinese company has had to undergo the unpleasant task of reporting that loss to its investors.

Saab reportedly owes around $1.9 billion at the moment, and its assets are valued at just $532 million.

Saab gets new $492M bid from Youngman originally appeared on Autoblog on Wed, 18 Apr 2012 13:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>mahindrapang dasaabsaab automobilessaab bankruptsaab bankruptcysaab bidyoungmanyoungman saab bidWed, 18 Apr 2012 13:29:00 EST http://www.autoblog.com/feed/20218510/article-comments.xml http://www.autoblog.com/feed/2012/04/18/saab-gets-new-492m-bid-from-youngman/20218510/article-detail.xml 20218510 http://www.blogcdn.com/www.autoblog.com/media/2012/04/saab-9-4x-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/04/saab-9-4x-628.jpg <![CDATA[Want to bid for Saab? Get your paperwork in by April 10]]>http://www.autoblog.com/2012/04/04/want-to-bid-for-saab-get-your-paperwork-in-by-april-10/http://www.autoblog.com/2012/04/04/want-to-bid-for-saab-get-your-paperwork-in-by-april-10/http://www.autoblog.com/2012/04/04/want-to-bid-for-saab-get-your-paperwork-in-by-april-10/#commentsFiled under: , ,

Saab under covers

Interested in purchasing a Saab? Heck, why not just buy the whole company? If you're in the market, you've got until April 10 to put in a bid, and at present, the only rival you have is China's Youngman.

Chances are, according to the administrators in charge of Saab's liquidation, the sale of Saab assets - which includes Saab Automobile, Saab Automobile Powertrain and Saab Automobile Tools, among others - won't cover the automaker's debt of somewhere between $1.8 and $2 billion (12-13 billion kronor).

Rumor has it that there are a few more potential suitors waiting in the wings, such as India's Mahindra, but none have come out expressing public interest in the bankrupt Swedish brand. Seems everyone is waiting until the last minute, eBay style.

Want to bid for Saab? Get your paperwork in by April 10 originally appeared on Autoblog on Wed, 04 Apr 2012 08:45:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>mahindrasaabsaab bankruptcysaab bidsaab biddersyoungmanWed, 04 Apr 2012 08:45:00 EST http://www.autoblog.com/feed/20207637/article-comments.xml http://www.autoblog.com/feed/2012/04/04/want-to-bid-for-saab-get-your-paperwork-in-by-april-10/20207637/article-detail.xml 20207637 http://www.blogcdn.com/www.autoblog.com/media/2012/04/saab-under-covers_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/04/saab-under-covers.jpg <![CDATA[Watch Chinese driver nail world's largest loop-the-loop]]>http://www.autoblog.com/2012/03/20/watch-chinese-driver-nail-worlds-largest-loop-the-loop/http://www.autoblog.com/2012/03/20/watch-chinese-driver-nail-worlds-largest-loop-the-loop/http://www.autoblog.com/2012/03/20/watch-chinese-driver-nail-worlds-largest-loop-the-loop/#commentsFiled under: , ,

World's largest loop

Anyone who has ever set up a Hot Wheels track knows that there is no more awesome an automotive stunt than the loop-the-loop. While some would argue that a good old fashioned Duke Boys jump takes the prize, we feel that the case for driving upside down is just irrefutable. That there are apparently people actively setting new world records for driving around loop-the-loops only makes us more convinced.

A new Guinness World Record for circling the largest loop-the-loop was set just a few months ago by Li Yatao, who drove a Youngman Lotus L5 around a loop with a diameter of 42 feet, 2.69 inches. The car appears to have had both front and rear bumpers removed to improve ground clearance during the run, and of course, a full roll cage was fitted. Yatao is a driver on a Youngman factory team - yes, that Youngman, the would-be suitor for Saab.

Go ahead and watch this amazing video for yourself, after the jump.

Continue reading Watch Chinese driver nail world's largest loop-the-loop

Watch Chinese driver nail world's largest loop-the-loop originally appeared on Autoblog on Tue, 20 Mar 2012 16:41:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>chinaguinnessguinness book of world recordsguinness world recordsl5loop-the-looplotus l5youngmanyoungman lotusTue, 20 Mar 2012 16:41:00 EST http://www.autoblog.com/feed/20197188/article-comments.xml http://www.autoblog.com/feed/2012/03/20/watch-chinese-driver-nail-worlds-largest-loop-the-loop/20197188/article-detail.xml 20197188 http://www.blogcdn.com/www.autoblog.com/media/2012/03/guinness-opt_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/03/guinness-opt.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[Turkish private equity firm jumps into Saab buying fray]]>http://www.autoblog.com/2012/01/22/turkish-private-equity-firm-jumps-into-saab-buying-fray/http://www.autoblog.com/2012/01/22/turkish-private-equity-firm-jumps-into-saab-buying-fray/http://www.autoblog.com/2012/01/22/turkish-private-equity-firm-jumps-into-saab-buying-fray/#commentsFiled under: , ,



The next chapter in the Saab opera has a new protagonist called Brightwell Holdings, a Turkish private equity firm. Brightwell is is perhaps the unknown Turkish entity mentioned last year as having an interest in bankrupt Saab, along with India's Mahindra & Mahindra. A board member at Brightwell said the company will spend two weeks evaluating Saab's assets and then will make a bid, "there's no question."

Turkey doesn't have a national car company, but it does have plenty of automotive manufacturing expertise since Ford, Fiat and Renault have factories there. Brightwell has said it would keep Saab production in Trollhätten, but (and this is only conjecture) along with a decades-old push for a national car company, the increase of Turkish private equity, and Turkey's desire to join the European Union, the bid could have motivating factors beyond the financial.

Regardless, that means we now have two players in the Saab story, with Youngman's renewed run at Saab expected to result in a bid as soon as next week that could exceed a billion euros. It's difficult to imagine that Saab will somehow be rescued, but the ball is still in play.

Turkish private equity firm jumps into Saab buying fray originally appeared on Autoblog on Sun, 22 Jan 2012 15:01:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>brightwell holdingsprivate equitysaab bankruptcyturkeyyoungmanSun, 22 Jan 2012 15:01:00 EST http://www.autoblog.com/feed/20153631/article-comments.xml http://www.autoblog.com/feed/2012/01/22/turkish-private-equity-firm-jumps-into-saab-buying-fray/20153631/article-detail.xml 20153631 http://www.blogcdn.com/www.autoblog.com/media/2012/01/saabturkeyconnections_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/01/saabturkeyconnections.jpg <![CDATA[China's Youngman to wage new bid for Saab]]>http://www.autoblog.com/2012/01/19/chinas-youngman-to-wage-new-bid-for-saab/http://www.autoblog.com/2012/01/19/chinas-youngman-to-wage-new-bid-for-saab/http://www.autoblog.com/2012/01/19/chinas-youngman-to-wage-new-bid-for-saab/#commentsFiled under: , , , ,


Ladies and gentlemen, those of you preparing to leave the theater because you thought the Saab opera was over, well, take a seat. After sinking a fair bit of money into the troubled Swedish automaker while chasing the deal, Youngman isn't ready to walk away. According to Reuters, the Chinese firm is ready to make a new bid for the Swedish brand as soon as next week, and it could be worth more than a billion Euros. Stay with us, because as you might expect, it's a bit convoluted.

The door appeared closed on Youngman for good when General Motors, which engineered much of the technology in the 9-5 and 9-4X, said it wouldn't do a deal that risked harming its position in China (read: they feared they might lose their intellectual property rights). As it was, the Saab deal brokered with Youngman would make General Motors compete against another company for which GM was building cars and that was using GM technology. To get around that, it appears that Youngman has proposed buying Saab and not using GM tech, which, that's right, would mean walking away from the still-new 9-5 and 9-4X. Instead, Youngman would restart Saab production with a brand-new 9-3 (said to be the car in the grainy image above) and would hope to do it in as little as 15 weeks.

The Chinese company has Saab's Phoenix architecture in mind, which is ready to go and said to be essentially free of GM intellectual property. According to Just-Auto, Phoenix-based Lotus variants for China are also under consideration, but with Proton's pending sale to DRB-Hicom that plan seems a little unsure. A group of European auto suppliers headed by Bosch has traveled to China, on Youngman's dime, to investigate the possibilities and practicalities of just such a plan. As to how aggressive GM might to safeguard whatever interests it has in the Phoenix platform, the supplier-body CEO quipped, "The 9-3 is not a big risk to GM - there has to be a limit to how nasty they can be."

On top of that, there might be questions about how many of Saab's assets are still even available for purchase. Reuters said that engineering firm Semcon SMC.ST agreed to buy key Saab technology, but a report on fan site Saabs United counters that the sale was declined over factory utilization. Saabs United also says that a Youngman-built 9-3 might only be sold in China. The Youngman CEO and his daughter Rachel Pang are apparently due in Sweden next week to further the bidding process, but we should have more word on the Bosch-led supplier trip soon enough.

China's Youngman to wage new bid for Saab originally appeared on Autoblog on Thu, 19 Jan 2012 13:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>boschclepasaabsaab 9-3saab bankruptcysaab salesemcon smc.styoungmanyoungman lotusThu, 19 Jan 2012 13:00:00 EST http://www.autoblog.com/feed/20152085/article-comments.xml http://www.autoblog.com/feed/2012/01/19/chinas-youngman-to-wage-new-bid-for-saab/20152085/article-detail.xml 20152085 http://www.blogcdn.com/www.autoblog.com/media/2012/01/next-saab-9-3-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/01/next-saab-9-3-628.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[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 gets lifeline payment from Youngman]]>http://www.autoblog.com/2011/12/13/saab-gets-lifeline-payment-from-youngman/http://www.autoblog.com/2011/12/13/saab-gets-lifeline-payment-from-youngman/http://www.autoblog.com/2011/12/13/saab-gets-lifeline-payment-from-youngman/#commentsFiled under: , , , ,

Saab auto show stand sign

Just when you thought the lights were dimming for good over at Saab, the Swedish automaker gets a(nother) lifeline. Reuters reports the company has received a last-minute payment from Chinese partner Youngman. A Swedish daily newspaper has said Youngman handed over around $5 million to cover tax expenses and that a further payment of $26.43 million is scheduled to show up on December 14 to take care of unpaid salaries. Youngman will reportedly also pay Saab a further $13.18 million by the end of the year.

It's unclear whether the cash infusion will persuade Swedish courts to continue to protect Saab from creditors seeking payment from the ailing automaker. Saab has enjoyed government protection since finances dried up earlier this year, and the courts are set to rule on whether or not that protection should continue on Friday.

An administrator within Saab has applied to have the company's creditor protection removed on the grounds that the automaker no longer has any funds. Saab has responded by requesting that said administrator be removed from the proceedings. The courts are set to hand down a ruling one way or the other on December 16.

Saab gets lifeline payment from Youngman originally appeared on Autoblog on Tue, 13 Dec 2011 10:19:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>saabsaab bankruptcysaab chinasaab creditor protectionyoungmanTue, 13 Dec 2011 10:19:00 EST http://www.autoblog.com/feed/20126858/article-comments.xml http://www.autoblog.com/feed/2011/12/13/saab-gets-lifeline-payment-from-youngman/20126858/article-detail.xml 20126858 http://www.blogcdn.com/www.autoblog.com/media/2011/12/saab-show-stand-darkness_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/12/saab-show-stand-darkness.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 -1 2