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Trollhättan buys entire classic Saab collection to preserve museum
Filed under: Classics, Europe, Saab, Earnings/Financials

Despite the popular saying, history cannot simply repeated. So, when faced with the possibility of losing the entire classic collection of cars that had made up the official Saab museum in Trollhättan after the officials in charge of the automaker's bankruptcy proceedings threatened to break it up, a few organizations stepped up to the plate to keep it together.

According to a report from Autocar, the city of Trollhattan, SAAB AB and The Wallenberg Foundation came up with the $4.05 million required to purchase the entire collection outright. A total of 120 cars are included, including the Ur-Saab, which is the first automobile built by the Swedish company.
Trollhättan buys entire classic Saab collection to preserve museum originally appeared on Autoblog on Tue, 24 Jan 2012 19:00:00 EST. Please see our terms for use of feeds.
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Saab Cars North American undergoing bankruptcy liquidation
Filed under: Saab, Earnings/Financials

It's a Saab story, we know, but this is - in all likelihood - the end of the road for Sweden's "other" automaker. Sure, there are still talks of one foreign entity or another picking up where GM and Swedish Automobile (Swan)/Spyker left off, but even if they do, they'll have a heck of a lot of work on their hands. And that includes rebuilding its presence in North America.

With the parent company having already filed for bankruptcy in Sweden, the next step is for Saab Cars North America to follow suit, and that's precisely what's happening.

The operation based in Royal Oak, Michigan, ceased operating last month when its parent company did, but resumed distributing parts just this past Thursday. That does not mean, however, that the American business will remain afloat. With no money to keep it going, Saab Cars North America is being liquidated. Sources estimate the company's liquidated assets at around $100 million (give or take $25m), offset by a relatively minor $10.5 million in liabilities.

As for the dealers, they'll have to choose to declare bankruptcy individually or let the administrator dealing with SCNA's liquidation tend to theirs as well.
Saab Cars North American undergoing bankruptcy liquidation originally appeared on Autoblog on Mon, 23 Jan 2012 14:28:00 EST. Please see our terms for use of feeds.
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Turkish private equity firm jumps into Saab buying fray
Filed under: China, Saab, Middle East

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.
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China's Youngman to wage new bid for Saab
Filed under: China, Europe, GM, Saab, Earnings/Financials

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.
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More people interested in buying a Saab after bankruptcy
Filed under: Car Buying, Sedan, Crossover, Saab, Luxury

We never heard about buyers of other ex-General Motors brands - Pontiac, Saturn and Hummer - taking to their keyboards to research new rides when the lowered boom crushed them all. Even though they would have been warrantied and supported by a still-living GM.

Leave it to Saab, then, to spin that right 'round like a record: according to electronic-research tracker Dataium, 10 percent more people have inquired about Saabs since the brand declared bankruptcy. Even better for the dealers sitting on 221 days worth of inventory: there were three times as many new shoppers in the 96 hours after the announcement, and for the next two weeks as least 50 percent of them were first-timers. All this for a tiny brand selling two cars without warranty and parts support (yet).

Who knows how much of that will turn into actual sales, but that's probably more than could have been expected in the silver-lining department.
More people interested in buying a Saab after bankruptcy originally appeared on Autoblog on Wed, 18 Jan 2012 17:57:00 EST. Please see our terms for use of feeds.
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Spyker considers closure as Saab parent Swedish Auto loses board members
Filed under: Performance, Europe, Hirings/Firings/Layoffs, Plants/Manufacturing, Saab, Spyker, Luxury

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.
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Saab cars headed to crusher, Trollhättan museum selling off 120 cars
Filed under: Europe, Government/Legal, Plants/Manufacturing, Saab

The future hopes of Saab seem to have been crushed under the weight of insolvency, and that's going to translate into reality as about 100 Saab cars lingering on the production lines are cubed up into scrap metal croutons. Unconfirmed rumors suggest that the vehicular carnage will ensue over the next 48 hours as the death rattle from Trollhättan gets ever louder.

Why squish a bunch of orphan cars? Autocar reports that the move is part of the receivership process. Headed for the gallows are cars finished before the money completely dried up, including some 9-4X crossovers and pre-production 9-5 Estates.

While the Saab museum is currently closed and facing an unclear future, Autocar reports a single 9-5 Estate is being kept around for later exhibition. That report would appear to conflict somewhat with word that Saab's 120-car museum collection is being liquidated. According to BringATrailer, bids are due to bankruptcy attorneys by this Friday, January 20, so if you're interested, get going. Brand fan site SaabsUnited has details, too, including how you might be able to have someone scrutinize your would-be purchase in-person.

Even in the land of the midnight sun, and despite the hopes of so many of the brand's fans, it looks like the last flicker of twilight coming from Saab has been nearly extinguished.
Saab cars headed to crusher, Trollhättan museum selling off 120 cars originally appeared on Autoblog on Tue, 17 Jan 2012 10:29:00 EST. Please see our terms for use of feeds.
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Saab to start producing cars again
Filed under: Europe, Government/Legal, Plants/Manufacturing, Saab, Luxury

Sort of. Saabs United reports that the automaker has announced some of its employees will return to complete the vehicles still standing unfinished on the production line. All told, only around 100 units are likely to be produced and then sold off before the brand goes dark for good.

The Swedish automaker finally filed for bankruptcy in December after a tumultuous year that featured production stoppages, court protection and a variety of foreign suitors with wide-ranging plans to save the brand. In the end, however, the Saab flag fell.

Here in the U.S., the company is currently investigating ways to continue to honor warranties in the wake of its implosion.
Saab to start producing cars again originally appeared on Autoblog on Wed, 04 Jan 2012 09:15:00 EST. Please see our terms for use of feeds.
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Saab in discussions with Turkey and Mahindra about reviving brand?
Filed under: Europe, Government/Legal, Saab, Earnings/Financials, India

The Great Saab Story of 2011 looks hellbent on running straight on through the new year and well into the future, despite the fact that the automaker has officially gone bankrupt and hasn't produced a vehicle in what seems like ages.

Rumor has it that Saab administrators are receiving interest from some unknown entities from Turkey (with supposed backing from the Turkish government) as well as India's Mahindra in some sort of brand-revival strategy.

As you may recall, General Motors, ex-parent of the Swedish brand, nixed any potential deal with Saab's various Chinese partners, fearing its hard-earned technology could fall into the wrong hands - which is to say, any hands other than SAIC's, GM's official Chinese partner. But that doesn't necessarily preclude Turkish or Indian ownership.

That said, reports from Sweden seem to indicate that Hans Bergqvist and Anne-Marie Pouteaux, the two administrators in charge of Saab, have turned down a request to meet with Lars Carlstrom on behalf of Mahindra. The gist of the gossip grinder is that the administrators don't want to have anything to do with Carlstrom due to his past association with Russian billionaire Vladimir Antonov.

In any case, we'd wager that neither the Turkish concern nor Mahindra would make a full-out purchase of the brand. It seems more likely that Saab's most desirable assets would be its manufacturing capabilities, tooling and in-house technology. Stay tuned for more as this story develops.
Saab in discussions with Turkey and Mahindra about reviving brand? originally appeared on Autoblog on Fri, 30 Dec 2011 18:59:00 EST. Please see our terms for use of feeds.
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Saab North America hires administrator but won't file bankruptcy
Filed under: Government/Legal, Saab

Saab has filed for bankruptcy in Sweden, which is likely to be a death knell for the storied automaker. But just because headquarters has filed doesn't mean that Saab North America will follow suit.

The Detroit News reports that Saab has hired Michigan firm McTevia & Associates to deal with creditors, and that there are no immediate plans to file for bankruptcy. Saab president Tim Colbeck reportedly acknowledged to DetNews that the company doesn't have much hope of staying out of liquidation, but added the best chance for survival is a company purchasing Saab out of bankruptcy. On the flip side, even though Saab NA feels that it is cheaper and easier to stay out of bankruptcy court, Colbeck adds that creditors could eventually force the company into bankruptcy.

McTevia chief Jim McTevia tells The Detroit News that the hope is that Saab NA will continue operating long enough for another company to come in and purchase Saab. Saab NA has 188 dealers, and there are 2,400 vehicles still sitting on dealer lots. Saab also employs about 50 employees in Royal Oak, MI.
Saab North America hires administrator but won't file bankruptcy originally appeared on Autoblog on Fri, 23 Dec 2011 09:03:00 EST. Please see our terms for use of feeds.
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Saab USA still looking for ways to honor warranties
Filed under: Car Buying, Government/Legal, Saab, Earnings/Financials

As previously reported, Saab has announced that it is ceasing all warranty coverage on its vehicles in North America in the wake of its official bankruptcy in its home country of Sweden. That's bad news for anyone who's purchased a vehicle from Saab here in the States expecting to receive a few years of warranty coverage, but Saab Cars USA CEO Tim Colbeck is hoping to offer a solution. Speaking to The Detroit Bureau, he said:

"We're committed to develop a way to handle warranties for all owners of 2010 and 2011 Saab models. [The goal is to] reinstate (warranty coverage) as quickly as we can."

That's all well and good, but there's currently no plan to actually make it happen. While both Saab Cars USA and Saab Parts, the company that provides spare parts for Saab vehicles, are both still in business, Colbeck says that his company cannot reimburse dealers for warranty work at this time. That means either the dealer or the customer will be stuck holding the bill.

In one bit of good news for some Saab owners, General Motors has announced that it will step up to the plate and provide warranty service for any vehicles built while it owned the Swedish marque. According to Consumer Reports, that means Saab 9-3, 9-5 and 9-7X models built before January 1, 2010, should be under warranty from GM until those warranties expire.
Saab USA still looking for ways to honor warranties originally appeared on Autoblog on Wed, 21 Dec 2011 18:28:00 EST. Please see our terms for use of feeds.
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Autoblog Podcast #261
Filed under: Podcasts, Safety, Cadillac, Mercedes-Benz, Saab
NACTOY finalists, 97,000-pound trucks, Saab bankruptcy, 100 Worst Cars

Episode #261 of the Autoblog Podcast is here with Chris, Dan, and Chris Paukert this week. Topics include the official bankruptcy filing by Saab, Kraft pushing for 97,000-pound tractor trailers, North American Car and Truck of the Year finalists and the 100 Worst Cars of All Time according to Inside Line. Your questions and comments power the end of the 'cast, and for those of you who hung with us live on our UStream channel, thanks for taking the time. We've embedded our Q&A module after the jump for you to scroll through and follow along, too. Thanks for listening!

Autoblog Podcast #261:
- Saab files for bankruptcy
- Kraft pushing for 97,000-pound trucks
- NACTOY finalists
- 100 Worst Cars of All Time
In the Autoblog Garage
2011 Cadillac CTS-V
2012 Mercedes Benz ML350 Diesel

Hosts: Dan Roth, Chris Shunk, Chris Paukert

Runtime: 01:17:35

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Continue reading Autoblog Podcast #261
Autoblog Podcast #261 originally appeared on Autoblog on Tue, 20 Dec 2011 17:40:00 EST. Please see our terms for use of feeds.
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Saab suspends all warranty coverage, cars to be sold as-is
Filed under: Car Buying, Government/Legal, Saab

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.

The memo was sent out Monday following a Swedish court's approval of Saab's bankruptcy petition and - as we suspected - all new vehicles will be sold "as is."

The North American branch of Saab also is suspending the payment of new car, powertrain, emissions and parts warranties, along with recall campaigns, certified pre-owned coverage and no-charge maintenance programs. There's no telling if the suspension is a permanent action or simply a temporary one -Saab will likely need to sift through its bankruptcy proceedings before that picture becomes any clearer for consumers.

You can read the full text of the memo after the break.
Continue reading Saab suspends all warranty coverage, cars to be sold as-is
Saab suspends all warranty coverage, cars to be sold as-is originally appeared on Autoblog on Tue, 20 Dec 2011 14:27:00 EST. Please see our terms for use of feeds.
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Saab owners, employees, dealers and suppliers trying to figure out what comes next [w/video]
Filed under: Europe, Government/Legal, Videos, Saab, Earnings/Financials

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.
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Submit your questions for Autoblog Podcast #261 LIVE
Filed under: Etc., Saab, Spyker

We record Episode #261 of the Autoblog Podcast tonight, and you can drop us your questions via our Q&A module below. Check out our discussion topics or chime in to help determine what else the crew chats about this evening. Subscribe to the Autoblog Podcast in iTunes if you haven't already done so, and if you want to take it all in live, tune in to our UStream (audio only) channel at 10:00 PM Eastern tonight.

Discussion Topics for Autoblog Podcast Episode #261
- Saab files for bankruptcy
- Kraft pushing for 97,000lb trucks
- NACTOY finalists
- 100 Worst Cars of All Time
[iTunes] Subscribe to the Autoblog Podcast in iTunes
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Submit your questions for Autoblog Podcast #261 LIVE originally appeared on Autoblog on Mon, 19 Dec 2011 17:55:00 EST. Please see our terms for use of feeds.
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Saab files for bankruptcy
Filed under: Europe, Government/Legal, Saab, Earnings/Financials

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.
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GM turns down newest Saab proposals as hope dims
Filed under: China, Government/Legal, GM, Saab, Earnings/Financials

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.
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Saab's Swedish court case gets new administrator, hearing delayed [UPDATE]
Filed under: Government/Legal, Saab

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.
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Saab gets lifeline payment from Youngman
Filed under: China, Europe, Government/Legal, Plants/Manufacturing, Saab

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.
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Application filed to terminate Saab reorganization, Muller goes for loan
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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