The end of Saab?
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Serbian Steamer
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The end of Saab?
STOCKHOLM (AP) -- The owner of cash-strapped car maker Saab filed for bankruptcy protection on Wednesday in a last-ditch attempt to salvage a brand crippled by production stoppages, withheld salary payments and mounting debt.
Swedish Automobile, formerly known as Spyker Cars, said the move would buy it time to receive funding from Chinese investors, currently awaiting regulatory approval, and avoid bankruptcy.
The company, led by Dutch businessman Victor Muller, has so far failed to revive the loss-making Swedish brand since taking it over last year from General Motors, which was in the process of dismantling it.
The Saab factory in Trollhattan, southwestern Sweden, has been at a standstill for most of the year as the company struggles to pay suppliers. Since June it hasn't been able to pay many of its 3,700 workers on time, testing the patience of labor unions who have threatened to put the company in bankruptcy.
If approved by the Vanersborg district court and Saab's creditors, an initial three-month court-administered reorganization phase would halt any debt collection and potential bankruptcy filings. A decision was expected on Thursday, court spokeswoman Elisabeth Lindstrom.
Muller said the voluntary reorganization will help stabilize the company and give it the breathing room to restart salary payments, get short-term funding and set in motion a production restart. At present, Muller said Swedish Automobile has unpaid bills of about euro150 million ($210 million).
http://finance.yahoo.com/news/Sweden...87335.html?x=0
Swedish Automobile, formerly known as Spyker Cars, said the move would buy it time to receive funding from Chinese investors, currently awaiting regulatory approval, and avoid bankruptcy.
The company, led by Dutch businessman Victor Muller, has so far failed to revive the loss-making Swedish brand since taking it over last year from General Motors, which was in the process of dismantling it.
The Saab factory in Trollhattan, southwestern Sweden, has been at a standstill for most of the year as the company struggles to pay suppliers. Since June it hasn't been able to pay many of its 3,700 workers on time, testing the patience of labor unions who have threatened to put the company in bankruptcy.
If approved by the Vanersborg district court and Saab's creditors, an initial three-month court-administered reorganization phase would halt any debt collection and potential bankruptcy filings. A decision was expected on Thursday, court spokeswoman Elisabeth Lindstrom.
Muller said the voluntary reorganization will help stabilize the company and give it the breathing room to restart salary payments, get short-term funding and set in motion a production restart. At present, Muller said Swedish Automobile has unpaid bills of about euro150 million ($210 million).
http://finance.yahoo.com/news/Sweden...87335.html?x=0
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I got هَبوبed
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From: Sun City AZ
I am sure no one would saab if they went under. never have been a fan. I have seen a saab or two over the past 20 years that was ok..
also the labor union that bites the hand that feeds it should go out of business
also the labor union that bites the hand that feeds it should go out of business
GTR Member
Joined: May 27, 2004
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From: Manchester, England
I am not sure you can blame labour unions for this. Because GM was propping Saab up for 10 years, they made no capital investment in the company. All the saab cars were using current-1 chassis from Opel/Vauxhall (the saab 93 is on the Vectra chassis, the 95 on the Omega chassis). Once GM sold the company (as any sane company would have done), there was no investment and only 30,000 sales in the year when 120,000 was the break even point.
The Chinese regulators are going to block the two minority stake purchases that total $c280m, and even if they went through, the industry bods reckon it would cost $1bn to put the company in competitive situation.
Unfortunately, Sweden's Saab are going the same way as the UK's Rover. A nation company that got swallowed by multinationals (GM in Saab's case and BMW in Rover's) and then get spat out when times are tough.
Maybe the Saab badge will be resurrected some years hence, like the MG badge has been, but I am not holding my breath.
I drove a 95 for a week in 2007, and I have to say it is THE most uncomfortable car I have ever driven, so it they couldn't get comfort right, maybe that is the source of some of their problems?
J
The Chinese regulators are going to block the two minority stake purchases that total $c280m, and even if they went through, the industry bods reckon it would cost $1bn to put the company in competitive situation.
Unfortunately, Sweden's Saab are going the same way as the UK's Rover. A nation company that got swallowed by multinationals (GM in Saab's case and BMW in Rover's) and then get spat out when times are tough.
Maybe the Saab badge will be resurrected some years hence, like the MG badge has been, but I am not holding my breath.
I drove a 95 for a week in 2007, and I have to say it is THE most uncomfortable car I have ever driven, so it they couldn't get comfort right, maybe that is the source of some of their problems?
J
A Man Just Needs Some....
Joined: April 9, 2011
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From: Louisiana
Saab has been junk since they were introduced in the states. Never a quality car. Even when GM thought they were gonna do good things with them. Americans don't like their styling that much either. For the money, there are a lot better German options.
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I think they really turned the corner with the 9-5. They really showed some promise with their styling. The 9-3 Aero was a sport little car too. You are right about the price, but I think they were a decent looking car.
Mach 1 Member
Joined: April 22, 2010
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From: Detroit
I agree, the first time I saw one I thought wow that's a great looking car, especially compared to previous models very blah styling. The rear shape is particularly Rolls Royce Ghost like.
Last edited by Stangpilot007; Sep 7, 2011 at 09:59 PM.
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Serbian Steamer
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My buddy bought a new 9-3 two years ago. 9-3 is as comfortable as my F-150. Not good for a luxury car.
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The District Court in Vanersborg, Sweden, on Thursday rejected Swedish Automobile N.V.’s voluntary reorganization proposal for Saab Automobile and subsidiaries Saab Automobile Powertrain and Saab Automobile Tools. The court’s decision comes while Saab’s owner faces another hurdle, Chinese approval to sell half of Saab’s interest to dealer group Pang Da and automaker Youngman Lotus. Chinese approval would have been the next major step toward financially propping up Saab to make it a viable automaker. Saab seems to have run out of options, though it says, in a tersely worded press release, that it will appeal the district court’s ruling.
I hope SAAB does survive. My wife inherited a 1992 9000 Turbo when her father passed away and that was a great car -- roomy, comforatable, fast, efficient, classy looking -- just a great all-around car. It's final service was protecting her mother when she was rear ended by a pickup one day while driving it -- car was totaled, she walked away without a scratch.
I think things went mostly downhill after GM got involved. We test drove a few 9-3s and with the exception of a crazy-*** Viggen -- that thing was crazy-fast -- they had lost that SAAB soul.
It seems the present SAAB is intent on recapturing that spirit, but they are in a deparate race against time and limited funds. I hope they pull a rabbit out of the hat because I think the very nice 9-5 is but a harbinger of even nicer, "SAABier" SAABs in the future. I always thought SAAB and Subaru really should (have) joined forces much more than that odd date resulting in the 9-2(?), not a bad car, really, but really neither a true SAAB or Subaru. It would have been interesting had SAAB developed a Viggen varient of that using STi componentry.
The world is full of focus-group designed transportation appliances, it would be nice to have at least a little corner of funkiness still existing.
I think things went mostly downhill after GM got involved. We test drove a few 9-3s and with the exception of a crazy-*** Viggen -- that thing was crazy-fast -- they had lost that SAAB soul.
It seems the present SAAB is intent on recapturing that spirit, but they are in a deparate race against time and limited funds. I hope they pull a rabbit out of the hat because I think the very nice 9-5 is but a harbinger of even nicer, "SAABier" SAABs in the future. I always thought SAAB and Subaru really should (have) joined forces much more than that odd date resulting in the 9-2(?), not a bad car, really, but really neither a true SAAB or Subaru. It would have been interesting had SAAB developed a Viggen varient of that using STi componentry.
The world is full of focus-group designed transportation appliances, it would be nice to have at least a little corner of funkiness still existing.
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