Press Release: Saab Automobile Update On Voluntary Reorganization

Trollhättan, Sweden: Swedish Automobile N.V. (Swan) announces that Saab Automobile AB and its subsidiaries Saab Automobile Powertrain AB and Saab Automobile Tools AB (collectively Saab Automobile) aim to submit their appeal on the District Court’s decision to reject Saab Automobile’s proposal for voluntary reorganization on Monday September 12, 2011.

In yesterday’s decision, the District Court argued that the application of Saab Automobile lacks evidence that the purpose of a formal reorganization can be fulfilled. The Court is of the opinion that the first reorganization of Saab Automobile cannot be considered to be a successful one. It is further unclear to the Court whether – and if so when – the Chinese authorities will approve the EUR 245 million equity contribution of Pang Da and Youngman and whether the planned funding will be sufficient to structurally solve Saab Automobile’s financial problems. The Court finds that it is unclear how Saab Automobile will be able to end the liquidity crisis and continue its business. The current stops in production are likely to have resulted in considerable loss of the goodwill of the company and an impairment of the Saab trademark.

Saab Automobile disagrees with this interpretation of the voluntary reorganization proposal and aims to submit its appeal on Monday September 12, 2011. After the court has received the appeal it is expected that a decision on the appeal is taken soon after.

In the meantime, Swan and Saab Automobile continue discussions with several parties about obtaining additional funding for the short term.

Swan will update the market on further developments.

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  1. In an Italian perspective of things, the Court would probably say no, knowing that the company would appeal and therefore the decision would shift onto an higher court … a way to pass the problem to someone else ……

    but this is Sweden …

  2. For a successful appeal I think a written contract is needed. Now it’s a race against time.


  4. Everyone criticizes President Obama for helping save GM. But if I he did not step in we may not have GM anymore, I hate GM… That said they give jobs to Americans. 
    End of story its about keeping our economies head at least above water. 

    Why cant SAAB and the Swedish government do the same thing ?
    I liked Swedish ingenuity from cars to furniture at Dania –to Swedish Law.
    The impact of no SAAB is more then a loss to people who love SAAB-  AND A BIGGER loss to a whole CITY?TOWN in Sweden ..No jobs from SAAB means no house or apartments paid for. No spending on clothes, food etc… The list goes on the damage the loss of SAAB could do. 

    Really I want to see governments and companies take responsibility for caring (of) To the people that employe them.Ie car buyers, workers, swedish tax payers etc….. 

    The (lack of) responsibility aspect of the whole SAAB thing really bothers me.

    1. Not everyone criticizes the President, only people without long-term vision. This crisis is a result of neglect over the years and a perception that it has been bankrupt since 2009. A person with long-term vision would recognize that the new 9-5 is leaps and bounds better than its predecessor, the new 9-4x is competitive in every way, and the new products promised in the near future will be cutting edge and designed by one of the best designers in the world.

      This world definitely lacks long-term vision.

  5. Think everyone now needs to take along hard look a themselves . Who comes out the worst ? Not the customers , in a few months they will move on as natural evolution takes place and find interest in Volvo BMW or some other nice mid range but over priced car ! The press ? Forget it in five minutes ! Victor Muller and the other fat cats ? No way they have eraned all the money , got a good lifestyle and although will have to put up with some questions, will still walk away feeling a hero ! **** head !!!! The workers like always get ****** over and we pick up the pieces of the life’s that we gave for this no seems shallow cause 

    1. Abel, please conduct yourself here without the coarse language.  I’ve edited this comment, but further comments in the same vein will be removed as per the comments policy.

      As to your opinions about the company being drained of funds by it’s leadership, nothing could be further from the truth.  How tough do you think it will be for a businessman like Victor Muller to get a new business established with new partners if this isn’t successful?  He’s all-in on this one and I’ve never seen someone work harder.

    1. Abel I strongly recommend you take some pills to calm yourself down! And please watch your language my kids follow Mr Swade!

  6. SAAB is still my preferred brand. Don’t expect me to by Volvo. Saab cars are the one major purchase I buy from Sweden.