General Motors has reportedly dismissed the allegations presented by former Saab brand parent company Spyker after the struggling Swedish automaker filed a $3 billion dollar suit against GM for making moves to intentionally bankrupt the Saab brand when the American automaker refused to approve the sale of the Saab brand to Chinese investors.
Spyker has announced that Chinese firm Youngman Lotus plans to invest more than $43 million US dollars (€35,000,000 Euros) in the Spyker brand to help build the Spyker D8 SUV along with a new midsized car based on the Phoenix architecture that was going to underpin the next generation Saab 9-3.
General Motors has been granted a 30 day extension to reply to the absurd $3 billion lawsuit presented by Spyker which claims that GM intentionally worked to drive the Saab brand into bankruptcy after Spyker purchased the failing brand from GM.
The automaker Spyker has been through a rocky few years, first buying the struggling Saab brand from GM, then changing the company name to Swedish Automobile NV only to facr complete ruin in the wake of a failed attempt to rejuvenate Saab but the dying company has announced that they intend to take back the name Spyker NV.
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.
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.
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.
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.