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Death Knell--
Saab files for bankruptcy
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Posted Dec 19th 2011 9:15AM
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.
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Report
Sweden picks up tab on bankrupt Saab's EU loan
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Posted Jan 30th 2012 10:59AM
Way back at the beginning of Saab's struggle for life after General Motors, exotic car firm Spyker was granted a €400-million loan ($527M U.S.) from the European Investment Bank. The loan was approved after it was guaranteed by Sweden's Debt Office, and Saab's recent bankruptcy filing forced the Debt Office to back up the guarantee with a €217-million payment ($286M) to the EIB – the portion of the loan that Saab actually drew upon.
It's not exactly bad news for the government, since the government's stake in Saab Automobile Parts and Saab Automobile Tools – used to guarantee its own guarantee of the EIB loan – is understood to be worth more than €217 million.
In the next couple of weeks, bids are expected from both China's Zhejiang Youngman Lotus and Turkey's Brightwell Holdings private equity group for the purchase of Saab in its entirety. No one can predict the outcome, but it this last-ditch situation might have the best chance: the European auto supplier organization CLEPA is assisting Youngman, the numbers being hinted at would indicate sane and motivated buyers, GM's intellectual property concerns appear to have been addressed, and it's certain that the sellers would love to see a bit of sun after a long spell of gloom for the hard luck brand.
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"Shocked" Brightwell drops Saab bid, blames GM intransigence
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Nearly three months on the Saab story is the same: company makes a bid, General Motors knocks it back. But this time, the latest round of corporate "He said/She said" puts Turkey's Brightwell Holdings on the other side of the table instead of a Chinese company. Brightwell was the other publicly identified bidder for Saab that pledged to make a bid, along with Chinese concern Youngman.
Brightwell blames GM "intransigence," a familiar epithet by now, has scuppered the possibility of a deal. GM says that's not the case, rather that a deal for Saab can't include any of the technology licensed from GM. Brightwell believed that that condition only applied to Chinese buyers, since GM's position that it didn't want to compete with another company using its intellectual property was always taken in reference to interest from companies like Youngman and Hawtei.
If GM's position is that it won't license its technology to anyone anywhere, that could alter the landscape for the six to 14 bidders rreported to be hovering over Saab's remains. Based on Youngman's last statements, it should still be in the mix, though: it pledged to make a bid for Saab that avoids GM-developed vehicles like the 9-5 and 9-4X and restarts the brand with the new 9-3 on Saab's Phoenix architecture.
Brightman hasn't ruled itself out completely yet. Having spent "millions of euros" on its bid, a firm partner said that if GM is open to discussions then he "will jump on a plane and visit them in Detroit."
News Source: Just Auto
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'They' could become cousins ?
Tata Motors bids for ailing Saab
New Delhi: More than three years after it acquired British car brand Jaguar Land Rover, Tata Motors may spread its wings in the Scandinavian market. The automaker, which last week placed a bid for the assets of bankrupt Swedish carmaker, Saab, for around $350 million, would be pitted against the likes of Volvo and Chinese auto giant Youngman, sources said. It is understood Tata’s global acquisition team has been in negotiations with Saab and private equity players for a prospective acquisition for JLR. When contacted, a Tata Motors spokesperson said, “We do not comment on speculation.” According to Saab officials, the company has received at least five bids, mostly from outside Sweden.
However, the company did not divulge the details.
Saab’s trustee Hans Bergqvist said last week that the offers were filed before a Monday deadline. FE
Tata Motors bids for ailing Saab
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Saab gets new $492M bid from Youngman
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By
Posted Apr 18th 2012 1:29PM
Youngman has made another bid for bankrupt Saab, according to new reports. The Chinese automaker has offered to buy what's left of Saab for $470 million at current conversion rates. The news comes courtesy of Dagens Industri. The newspaper also indicates that's the absolute lowest the Swedish automaker's pledgees and real estate owners will accept to settle the company's impressive debt. The deal would also set aside an additional $1.47 billion to restart production at the mothballed Trollhattan facility. Other foreign automakers are also vying over Saab's remains, including India's Mahindra & Mahindra.
Pang Da, meanwhile, seems to have no interest in continuing to pursue Saab. The company paid out around $59 million for vehicles Saab was supposed to produce. That never happened, and now the Chinese company has had to undergo the unpleasant task of reporting that loss to its investors.
Saab reportedly owes around $1.9 billion at the moment, and its assets are valued at just $532 million.
News Source: The Local
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New owners still struggling to secure rights to use Saab name
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Posted Jun 27th 2012 4:32PM
Not to state the obvious, but if you're going to buy an automaker, it's probably advisable to secure rights to use the name.
That's what the new owners of Saab are trying to work out after buying the iconic Swedish automaker earlier this month, Automotive News reports.
National Electric Vehicle Sweden (NEVS), the Chinese-Japanese conglomerate, acquired the company's physical assets, including its factory in Trollhättan, but didn't get rights to use the Saab name and logo. Truckmaker Scania and defense company Saab AB maintain the name and logo rights, and will need to sign off on NEVS using it, according to the publication. The parties are in discussions.
Saab, which made its first cars in 1947, was acquired out of bankruptcy earlier this month. The new ownership group, led by ex-Volvo Trucks chief Karl-Erling Trogen, is planning on turning the company into an electric vehicle maker and will likely start with a battery-electric powered 9-3 in 2014.
