31 Articles
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Saab's assets less than one-third of its debts

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 millio

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Sweden picks up tab on bankrupt Saab's EU loan

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 fo

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Spyker considers closure as Saab parent Swedish Auto loses board members

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

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

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

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

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.

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GM turns down newest Saab proposals as hope dims

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 adminis

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Saab's Swedish court case gets new administrator, hearing delayed [UPDATE]

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.

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Application filed to terminate Saab reorganization, Muller goes for loan

It 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.

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GM rejects latest Saab proposal, Swedish Automobile to pursue alternatives

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

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Bank of China to become Saab investor [UPDATE]

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

Official
Saab Great Britain files for bankruptcy protection

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

Report
Saab postpones creditor meeting as talks with Chinese continue

Saab is still working with Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co. to keep the company out of bankruptcy. But with no final deal in place, Saab has decided to delay a November 22 meeting with creditors until the automaker can obtain financing. Saab's parent company, Swedish Automobile, was scheduled to meet

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Despite expiring deadline, Saab talks with Chinese investors continue

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

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Swedish Automobile may be forced to liquidate even if Saab sale goes through

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

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GM moves to sever ties with Saab over Chinese owner concerns

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

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Are you the next Saab 9-3?

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

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

Saab may have finally been saved last week when Chinese companies Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co. agreed to buy the Swedish automaker, thus providing some much-needed short- and long-term financing. Pang Da and Youngman purchased Saab for 100 million euros ($142M USD) and they are offering up a €50 million ($70M) bridge

Official
Saab agrees to be sold to Pang Da, Youngman

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 &e

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Pang Da, Youngman say original Saab deal still valid

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 Zach Bowman

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

Saab has officially confirmed that it has terminated its deal with Pang Da and Youngman. In a press release, the company said that the deal came to an end because both of its Chinese partners failed to live up to their end of the bargain; namely supplying Saab with the interim funding necessary to continue operations during the manufacturer's reorgani

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