The $3 billion lawsuit filed by former Saab parent company Spyker against General Motors has been thrown out by a US district judge who ruled that GM had the right to prevent the sale of Saab to Chinese investors – perhaps finally ending the long, painful era of Spyker-owned Saab.
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.
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.
Saab lovers around the world got their wish earlier this month when the firm National Electric Vehicle Sweden (NEVS) purchased the Saab automobile brand but one aspect that the new owners seemed to overlook when making the bargain basement purchase deal for Saab was the legal rights behind using the Saab name and logo.
The National Highway Traffic Safety Administration has announced that they have upgraded their preliminary investigation of the 2006 and 2007 Chevrolet Trailblazer to an engineering analysis while also adding the GMC, Buick, Saab and Isuzu, a move which could lead to a recall of 341,786 vehicles in the US.
Bankrupt automaker Saab has been purchased by a consortium of Chinese and Japanese companies specializing in clean energy technology investment, who plans to resurrect Saab as an electric car maker with sales initially targeted for the Chinese electric car market.
There have been a great many rumors about companies interested in purchasing the bankrupt Saab brand but according to Swedish media outlets, a Swedish electric car company has made a bid for the majority of the Saab brand – although all parties involved are not commenting in support or in denial of these reports.
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.
It seems the story of Saab, the Swedish automaker, keeps having an interesting turn or twist. Saab United, a Saab enthusiast website, has reported that unfinished Saabs left sitting on the production line have been bought and will be finished by a dealership.
Saab Automobile, the venerable brand from Sweden, entered bankruptcy last December. The trustees of the company have been seeking bids from international and Swedish investors looking to rescue and revive the now dormant company. Offers were due yesterday and the auto world is waiting anxiously to hear the results.
Saab has some good news finally. To be honest, it is great news! The historic and world-famous Saab museum in Trollhattan, is not going anywhere. It has been bought by the city of Trollhattan, Saab AB, and the Wallenberg foundation.
Saab is slowing losing some extremely vital employees, its engineers. Yesterday Saab's key Technical Director, Mats Fägerhag, has jumped shipped to another Swedish automaker, Volvo. What does this mean for the future of Saab?
It seems the saga of the Swedish automaker Saab has another interesting twist. Several news sources are reporting that key Saab's officials are in China. Apparently they were invited there by the Chinese automaker, Zhejiang Youngman Lotus Automobile, to have talks about buying Saab, again.
As part of its restructuring after bankruptcy, Swedish automaker Saab is liquidating its world-famous museum in Trollhattan, including all 123 cars contained within it. This means some very valuable, collectible, and one-off prototypes will be entering private collections soon.
According to the internet gurus at Saabs United, Saab will send a small portion of its workforce back into the Trollhattan plant to resume production – but only of vehicles already underway when production came to a halt in early 2011.
It was recently announced that Saab, the venerable Swedish automaker, filed for bankruptcy protection. Saab did not need to do this though, as it had a chance with two Chinese firms to pull itself out from the dire financial situation it found itself in. However, General Motors (GM), blocked the deal. This begs the question... why can't Saab get a bailout?
The Saab brand officially appears to be dead with government aided bankruptcy and liquidation processes well under way, but things have just gotten worse for current owners and Saab dealerships as the Swedish automaker has announced that all standing warranties on privately owned vehicles will no longer be honored and new vehicles sold from now on will not come with any of the warranties previously offered.
Sweden - Unless you live under a rock, it has become common knowledge in the automotive world that Saab is in very bad shape but it appears that the dieing Swedish automaker has been saved by their would-be Chinese investment partner Youngman Lotus with a cash influx of around $5 million - with more money slated to shift from Youngman’s account to Saab’s in the coming weeks.
It has been an unfortunately exciting year for Saab and new parent company Swan with an incredibly valiant effort to reincarnate the Swedish automaker under new ownership but it was announced this morning that Saab has officially been sold to Pang Da and Youngman Lotus – the two Chinese firms that were set to invest in Saab to help it survive.
Saab and parent company Swedish Automobiles NV (Swan) has reportedly canceled the investment deals with Chinese firms Pang Da and Youngman Lotus after the two Chinese firms each made low-buck buyout offers last week - effectively preventing themselves from receiving the $340 million that the automaker had been desperately hoping for as they work through government assisted reorganization.
Last week, we brought you the news that Saab and parent Company Swedish Automobiles NV (Swan) had received the first installment of a massive bridge loan with help from soon-to-be Chinese partner Youngman Lotus and today, there is more good news as Saab has entered into an agreement with American firm North Street Capital – a deal that will bring the company some $70 million.
As Saab teeters on the edge of bankruptcy while attempting to shelter themselves under the protective arm of the Swedish government during corporate restructuring, the struggling Swedish automaker has reportedly received the first chunk of a $97 million dollar bridge loan with help from one of the Chinese firms hoping to buy into Saab.