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» Welcome to SaabForum.org: The #1 Saab Forum |
Welcome to SaabForum.org - a website and live community dedicated to everything and anything regarding Saab cars and SUVs. Thank you for stopping by! Please take a moment to register and setup a free account in order to take full advantage of all the features available.
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 Application filed to terminate Saab reorganization, Muller goes for loan |
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Dec 07, 2011 - 7:36 PM - by Saab Forums
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Filed under: Government/Legal, Saab, Earnings/Financials
 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.
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.
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1 Reply | 171 Views
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GM rejects latest Saab proposal, Swedish Automobile to pursue alternatives |
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Dec 06, 2011 - 10:03 PM - by Saab Forums
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Filed under: China, Etc., Europe, GM, Saab, Earnings/Financials
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.
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Bank of China to become Saab investor [UPDATE] |
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Dec 05, 2011 - 3:05 PM - by Saab Forums
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Filed under: China, Government/Legal, Saab, Earnings/Financials
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.
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Saab Great Britain files for bankruptcy protection |
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Nov 29, 2011 - 7:06 PM - by Saab Forums
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Filed under: Government/Legal, Saab, Earnings/Financials, UK
The Great Saab Sob Story of 2011 continues unabated as Saab Great Britain has officially filed for bankruptcy protection. Saab GB is a wholly owned subsidiary of Swedish Automobile N.V., the parent company of Saab, and has the exclusive rights to distribute Saab automobiles in the UK.
There are 58 Saab dealerships in the UK, 20 of which are standalone operations. According to Saab, court-backed protection is its best course of action in the UK, as it has yet to receive any sort of funding from its supposed Chinese partners. Read the official press release after the break for all the details.Continue reading Saab Great Britain files for bankruptcy protection
Saab Great Britain files for bankruptcy protection originally appeared on Autoblog on Tue, 29 Nov 2011 13:31:00 EST. Please see our terms for use of feeds.
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