An accounting rule, among other things, is ostensibly to blame for Spyker posting a loss and having to declare negative shareholder equity with more liabilities than assets. According to Automotive News, the new owner of Saab had counted General Motor's $326 million in redeemable preference shares in the company as equity, not a liability. So with the company having just got its factory going in October and only having sold 10,500 cars in the first six months of this year, the hard numbers are a
Throughout the turmoil of the on again, off again sale of Saab to Spyker, the site Saabs United did its part to rally supporters of the brand and keep the world up to date on what was happening at any particular moment. At one point during the brand's dark days, Saabs United founder Steven Wade presented company CEO Jan Åke Jonsson with a boomerang as a symbol of the head honcho's tenacity when it came to returning to the bargaining table. Now that Saab appears to be headed toward calmer w
Don't write off Saab just yet. While last week's announcement that Koenigsegg Automotive AB had pulled its offer for the homeless brand was a painful kick to the gut, it seems there are still a few companies interested in taking the automaker under its wings. With that in mind, and interested in keeping the momentum, Saab CEO Jan Ake Jonsson and government officials from Sweden are meeting in Detroit today ahead of a Tuesday GM board meeting to determine Saab's fate.