Saab (Page 2)

Saab 9-5 Sedan 2.8v6 Turbo has been named the Car of Year in Singapore. The Swedish automaker may have a lot to offer in Asia because of the region's unique auto market.

Swedish Automobiles, parent company of struggling Saab, has announced that they will sell the Spyker Cars portion of their company to an American equity firm in an effort to focus all of their time and resources on saving Saab as they work their way through government aided re-organization.

Now that Saab has been granted protection by the Swedish government against the bankruptcy filing of its creditors and labor unions, it is entering into the reorganization process to help secure the future of the company – which may begin by the company cutting jobs across the ranks.

Reports from Sweden this morning indicate that the Saab’s desperate appeal to the Swedish government for protection from bankruptcy as they undergo a corporate reorganization has been approved – saving Saab from the jaws of the unpaid labor unions preparing to force the company into bankruptcy.

After two white collar labor unions filed paperwork formally requesting the Swedish government to force Saab and parent company Swedish Automobiles into bankruptcy last week, blue collar labor union IF Metall has filed similar paperwork in an effort to help their workers collect back wages owed by Saab.

While things are far from good, the Saab brand has received a brief glimmer of hope from the Swedish government as their appeal for government protection from creditors has been granted – giving the automaker a new chance to prove to the Swedish authorities that protection during corporate reorganization can save the struggling company.

After being denied protection by the Swedish government, Saab and parent company Swedish Automobile are open to bankruptcy claims with the first such court hearing scheduled for September 26th, 2011 – the day that could very well see the struggling automaker officially forced into bankruptcy.

We reported yesterday that Saab and parent company Swedish Automobile had filed for government protection from their unpaid suppliers and employees who are getting ever closer to forcing Saab into bankruptcy and today, Saab is one step closer to facing bankruptcy as the Swedish government has denied the automaker’s plea for protection.

Saab and parent company Swedish Automobile were once again unable to pay their workers in August and with creditors from around the world bearing down on them for money owed, Saab has officially filed for government protection with the intention of reorganization to save the struggling automaker.

More apocalyptic news from Saab as it is seeking government intervention in its struggles to pay its numerous creditors.

The Swedish debt enforcement agency has notified banks holding assets that they may legally seize said assets in an effort to recover the large sum of money owe by the Swedish automaker to various supplies.

Putting together a display at the world’s biggest auto shows does not come cheap so it should be no big surprise that Saab has announced that they will not display at the 2011 Frankfurt Motor Show next month.

Saab and parent company Swedish Automobile once again avoided bankruptcy proceedings by paying the white collar workers whose salaries were delayed last month by the troubled automaker.

Another day – another problem for Saab as the European Investment Bank (EIB) has reaffirmed that Russian investor Vladimir Antonov will not be permitted to buy a portion of the company while Saab still owes money to the European lending institution.

Even with the multi-million dollars investment deals with various hedge fund and Chinese distribution deals, things are still going downhill for Saab as now the Swedish automaker has announced that they will be unable to pay salaried workers this month.

The first examples of the Saab 9-4X crossover are reaching US dealerships now.

Saab, with its new Chinese partner, plans to add three new models, an entry level 9-1 compact and two premium models, the 9-6 and 9-7.

Just yesterday, Saab parent company Swedish Automobiles announced a sale of 50.1% of the Trollhattan production facility after selling 582 vehicles to a Chinese firm and today, the company has announced a new creditor who may put Saab one step closer to resuming production.

Saab has announced that they have sold 50.1% of Saab Automobile Property to a consortium of Swedish real estate investors – a sale that brings the automaker 255 million Swedish Krona and a year of free rent in their Trollhattan production facility.

Another day, another piece of information in the saga that has become the Saab brand as it appears that Swedish real estate firm Hemfosa is reportedly ready to buy the automakers Trollhattan plant with the intention of leasing it back to Saab.

Poor Saab, they just can't catch a break. Yesterday they began to get pushed towards bankruptcy, not from outside pressures, but from within. Two Saab worker's unions said that they will start a legal process that would surely induce the Swedish automaker to file for bankruptcy.

Saab production at their Trollhattan facility is halted as the automaker works out their non-payment issues with suppliers and Saab’s newest solution is asking their creditors to accept 10% of what is owed to them right now and the rest of the debt will be paid in September.

Saab and their parent company Swedish Automobile (formerly Spyker Cars) announced today that their plant in Trollhattan will continue to be shuttered due to problems with a long list of suppliers for at least two more weeks.

A group of 48 creditors who are owned money by Saab have turned to the Swedish collection agency Kronofogden to gather monies amounting to a sum of over $3.6 million US dollars and if this group is successful, it could force Saab to declare bankruptcy.

Saab and parent company Spyker Cars NV have announced that the group has entered into a second memorandum of understanding with a Chinese automotive firm – this time partnering with Zhejiang Youngman Lotus Automobile Co. as the Swedish automaker works to climb out of its recent cash crunch.

A parts shortage brought the Saab assembly line to another halt yesterday, after the beleaguered Swedish automaker had only restarted production on May 27th after a month-long lapse in funding from Spyker.

The assembly lines are rolling again in Trollhattan as Saab restarted production after a month and a half of sitting idle, thanks to an influx of cash from a 1,300 car order from Pang Da Automobile, the current Saab suitor from China.

Spyker has made some interesting moves over the past year, including buying the struggling Saab brand and selling off the Spyker brand to focus on Saab – only to run out of money and go on a desperate hunt for investors to resume production – and now it looks like the company will make another big move as they rename themselves Swedish Automobile N.V.

The financial problems appear to have lightened a little for Saab and Spyker as Chinese automotive giant Pang Da Automobile Trade Co. has signed a memorandum of understanding with the Swedish automaker that should help keep the company’s short and mid-term cash flow issues.

It has been just over a week since Spyker Cars announced that they were entering into a partnership with Chinese firm Hawtai Motors – a move which many expected would preserve the Swedish automakers short term future – but this morning Spyker announced that the deal with Hawtai has been terminated.