News Archives - Page 6 of 10

Press Release: SWEDISH AUTOMOBILE ISSUES SUBSCRIPTION NOTICE UNDER GEM FACILITY

Zeewolde, The Netherlands, 3 August 2011 – Swedish Automobile N.V. (Swan) announces today that it issued a subscription notice for 5 million shares under the current EUR 150 million equity facility between Swan and GEM Global Yield Fund Limited. The exact number of shares to be issued and the price thereof will depend on a 10 day pricing period, which commences today.

Saab Automobile AB (Saab Automobile) expects to be able to pay the wages of its white-collar workers still this week. Swan and Saab Automobile continue their discussions with parties to obtain further short-term funding to be able to restart and sustain production.

Update on Saab Automobile

Zeewolde, The Netherlands, 26 July 2011 – Swedish Automobile N.V. (Swan) announces that Saab Automobile AB (Saab Automobile) has delayed payment of the wages to its white-collar employees as some of the funds that were committed by investors were not paid in time to effect such salary payments. Saab Automobile is taking all necessary actions to collect these funds and continues discussions with various parties to obtain additional short-term funding so that the payments can be made.

Swan will update the market of any new developments.

Press Release: UPDATE ON STATUS SAAB SUBSIDIARY

UPDATE: An additional release from Swedish Automobile NV:

Zeewolde, The Netherlands, 22 July 2011 – Swedish Automobile N.V. confirms that Saab Automobile Tools AB reached agreement on payment terms with the supplier that filed for bankruptcy, thereby resolving the issue.

The original release is below…..

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Zeewolde, The Netherlands, 22 July 2011 – Swedish Automobile N.V. confirms that one of the suppliers of Saab Automobile Tools AB (Saab Tools) filed for bankruptcy of Saab Tools, a subsidiary of Saab Automobile AB. The District Court has received the filing, but has not yet rendered a judgement which is expected in a few weeks. Saab Tools is currently assessing the issue and aims to resolve the issue as soon as possible.

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Press Release: SAAB AUTOMOBILE UPDATE ON PRODUCTION

From Swedish Automobile NV

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Zeewolde, The Netherlands, 21 July 2011 – Swedish Automobile N.V. (Swan) announces that Saab Automobile AB (Saab Automobile) continues discussions with its supplier base on material supply and delivery terms in order to be able to resume production at its Trollhättan plant. Swan and Saab Automobile continue their discussions with parties to obtain further short-term funding to be able to restart and sustain production. As delivery of all parts needed to secure a production start is not yet agreed production will not resume on August 9 as intended and will be postponed until a full commitment on delivery plans can be secured.

Gunnar Brunius, Vice President of Production and Purchasing said:

“I am positive about the progress we made on the payment terms with our suppliers and it is good to see that we all want to make it work. What we need now is a full commitment on supply of parts into our factory to be able to restart production and secure a stable manufacturing operation. We are now working hard with our suppliers to nail down these plans, commit to a delivery schedule and start building the close to 11,000 cars that we currently have in our order books. The industry-wide summer break at our suppliers caused certain key suppliers not to be able to supply us in time. Saab Automobile hopes to restart production earliest in week 35 provided that it is able to commit to a delivery schedule with its suppliers.”

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Press Release: Saab 9-4X Crossover Arrives in the US

A press release we’re very happy to see, from our US offices……

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ROYAL OAK, Mich., July 13, 2011 — Saab’s all-new 9-4X crossover has landed in US dealer showrooms. The greatly anticipated vehicle is Saab’s newest addition to the Saab product family.

“Our first vehicles are just hitting retailers and our first customer sale took place last weekend at Saab North Olmstead in Cleveland, Ohio,” said Tim Colbeck, President and COO SCNA. “This is an exciting product, with a true Saab crossover that gives us entry into a new segment.”

Saab’s first 9-4X sale went to Martin Reuben of Ohio. “Before even driving it off the lot, I put my butt into the seat, looked around and bought it on the spot,” replied Martin. “So far everything I’ve discovered on this car is pure Saab – purposeful & well designed.”

The 9-4X which was recently awarded “Top Safety Pick” by IIHS, brings car-like handling and ride qualities to the crossover segment. Key to its dynamic performance is a unique body structure, purpose-designed for a crossover application and free from compromises through adapting an existing sedan or wagon format. The Saab 9-4X’s advanced chassis offers car-like handling characteristics with sporty and responsive driving qualities. Available technologies include Saab’s DriveSense adaptive chassis, with real-time damping control, and Saab XWD, a cutting edge all wheel-drive system with an electronically-controlled rear limited-slip differential (eLSD).

Comfort and convenience standard features range from a start/stop button and adaptable cargo storage. As well as options including: passive entry and exit, a powered tailgate, tri-zone air conditioning and rear seat entertainment packages. Satellite-navigation with an 8-inch touchscreen, Bose surround sound system and hard disc ‘jukebox’ music storage are among the infotainment options.

The 9-4X crossover entry level price is $34,205 MSRP for front-wheel-drive and $48,835 MSRP for the 9-4X Aero XWD model.

For more information on the Saab 9-4X, please refer to SaabUSA.com

Press Release: Saab Automobile update on production and sale and lease back of Saab Property

Swedish Automobile N.V. (SWAN) announces that Saab Automobile AB (Saab Automobile) obtained final approval from the EIB, the NDO and the Swedish government for the sale and lease back of the Saab property.

The consortium of Swedish real estate investors led by Hemfosa Fastigheter, and including among others, Brinova Fastigheter AB, PEAB and Weland Fastigheter will purchase 50.1% of the shares in Saab Property AB for a total consideration of SEK 255 million, reflecting an adjustment to the transaction price for a one year lease free period. Of the SEK 255 million consideration, SEK 205 million will be paid in cash on closing and the remaining SEK 50 million in the form of a sellable bond convertible into shares of the purchasing company. The investors have the right to increase their commitment to SEK 300 million within 30 days after closing on similar terms. The parties will proceed to closing the transaction today.

With this transaction SWAN and Saab Automobile will have raised about EUR 61 million in additional funding commitments over the past weeks. Saab Automobile continues its discussions with its suppliers on materials supply and commercial terms and is close to reaching agreements. SWAN and Saab Automobile continue their discussions with several parties to obtain further short-term funding to be able to restart and sustain production, including completion of a drawdown under the EIB loan facility.

Given the fact that some of Saab Automobile’s suppliers require a longer lead time to resume adequate supplies and the delay as a result of the summer shutdown period at many of Saab Automobile’s European suppliers, Saab Automobile plans to restart production by Tuesday August 9, provided that the above criteria are met.

Saab 9-4X Joins Saab 9-5 Sedan in earning Top Safety Pick 2011

Another piece of great product news is out today. Safety is, of course, one of our brand pillars so it’s great to see our newest vehicle, the Saab 9-4x, fitting in with the family ethos. – SW

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The new Saab 9-4X crossover has earned ‘Top Safety Pick’, the highest rating for crashworthiness awarded by the Insurance Institute for Highway Safety (IIHS) in the United States. Only three weeks ago, the Saab 9-5 Sedan received the same accolade.

“To achieve two Top Safety Picks in three weeks is, of course, extremely gratifying,” says Per Lenhoff, Head of Safety Development at Saab Automobile. “Our main priority is always the protection of real people in real accidents, but the IIHS tests are a valuable guide for consumers and it is important for us to achieve good results.”

IIHS is a research and communications organization funded by auto insurers in the US. The test procedures include front impact (offset) and side impact crashes. Seat/head restraints are also tested in a simulated rear-end impact to assess protection against whiplash injuries and the roof structure is tested to assess vehicle rollover protection.

Performance is rated as ’Good’, ’Acceptable’, ’Marginal’ or ’Poor’ in each of the tests and to achieve the ’Top Safety Pick’ award, cars must achieve the highest rating in all four procedures and should also be fitted with ESP®.

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Press Release: Swedish Automobile, Saab Automobile, Pang Da And Youngman Convert Non-Binding MoU On Equity Investment Into Binding Agreement And Agree On Additional New Product Joint Venture Subject To Regulatory Approvals

Trollhättan, Sweden: Swedish Automobile N.V. (SWAN) and Saab Automobile AB (Saab Automobile) today announced the signing of final agreements with Pang Da Automobile Trade Co., Ltd. (Pang Da) and Zhejiang Youngman Lotus Automobile Co., Ltd. (Youngman), thereby converting the non-binding memorandum of understanding relating to the equity investment of Pang Da and Youngman announced on 13 June 2011 into binding agreements subject to regulatory and other third party approvals. Moreover, Saab Automobile announces a conditional agreement with Zhejiang Youngman Passenger Car Group Co., Ltd. (Youngman Passenger Car) on the formation of a Sweden-based joint venture company for the development of three new product Saab models (NPJV).

The non-binding MOU announced on 13 June 2011 between SWAN, Saab Automobile, Pang Da and Youngman in terms of which Pang Da and Youngman will make an equity investment in the total aggregate amount of EUR 245 million in SWAN have now been incorporated in binding agreements, while the parties continue working towards execution of binding agreements for a strategic alliance consisting of a tripartite distribution joint venture and a tripartite manufacturing joint venture for Saab-branded and child brand vehicles in China. The agreements are subject to approval from relevant authorities. The agreements allow for the return of Mr. Vladimir Antonov as a shareholder/financier of SWAN and Saab Automobile which the parties expect as soon as the parties at interest have cleared him.

The NPJV will be 50 percent owned by Saab Automobile and 50 percent by Youngman Passenger Car, and forms the foundation for an expansion of the Saab product portfolio with three models which until now did not form part of Saab Automobile’s current and future product portfolio. As such the NPJV will focus on developing three completely new Saab vehicles: the Saab ‘9-1’, Saab ‘9-6’ and Saab ‘9-7’.

Within the development process of these three new vehicle lines, Saab Automobile will be responsible for controlling and managing the design, the development and testing process to the start of production and providing other necessary technical and quality control support. For this, Saab Automobile will source existing capabilities and expertise from its state-of-the-art technical development department in Trollhättan. Youngman Passenger Car will be responsible for providing the necessary financial investments in the joint venture.

The agreement on NPJV is also subject to approval from relevant authorities, which SWAN, Saab Automobile and Youngman Passenger Car hope to obtain timely.

Victor Muller, CEO of SWAN and Saab Automobile said: “I am pleased to announce the signing of binding agreements (subject to obtaining regulatory approvals) with Pang Da and Youngman, as it underlines the confidence of all parties in a successful tripartite partnership. Establishing the New Product Joint Venture is a major step for both Saab Automobile and Youngman Passenger Car and marks the start of an exciting new partnership. This joint venture offers Saab Automobile the opportunity to develop models that were not envisaged nor funded in our original business plan: for instance, we will now be able to develop a small entry level Saab, a car that has long been on the top of our wish list.”

Mr. Pang Qingnian, CEO of Youngman, added: “The agreement on the New Product Joint Venture brings together the best of both worlds, merging the industrial and financial strength of Youngman Passenger Car with the state-of-the-art technical expertise of Saab Automobile. The Saab ‘9-6X’ and Saab ‘9-7’ will be key to enhancing the prestige of the Saab brand to an even larger group of customers in China and the US, while the entry level Saab ‘9-1’ will appeal to urban motorists around the globe.”

Mr. Pang Qinghua, CEO of Pang Da, commented: “I am very happy to have signed binding agreements with our partners, which further feeds my confidence in a successful future for Saab Automobile. We were already impressed with Saab’s current and planned product portfolio to date and with the addition of three new Saab models, the brand will be even better positioned to meet demand in markets around the world and China in particular.

Press Release – Swedish Automobile Enters Into EUR 25 Million Convertible Bridge Loan With Gemini Securing Additional Short – Term Funding And Pays Employee’s Wages

Trollhättan, Sweden: Swedish Automobile N.V. (SWAN) announces that it entered into a EUR 25 million convertible bridge loan agreement with Gemini Investment Fund Limited (Gemini), thereby securing additional short-term funding.

SWAN entered into a EUR 25 million convertible bridge loan agreement with Gemini with a 6 months maturity. The interest rate of the loan is 10% per annum and the conversion price is EUR 1.38 per share (the volume weighted average price over the past 10 trading days). SWAN may at any time during the loan’s term redeem it without penalty and it intends to do so once the funding from Pang Da and Youngman is received, in which case no dilution as a result of this bridge loan will occur.

Upon receipt of Gemini’s EUR 25 million and upon reaching agreements with its suppliers on payment terms, Saab Automobile hopes to complete its scheduled loan drawdown of EUR 29.1 million from the European Investment Bank (EIB).

As a result of this convertible bridge loan (EUR 25 million), the sale of the real estate (EUR 28 million) and the sale of cars to a Chinese buyer (EUR 13 million), Saab Automobile (conditionally) secured EUR 66 million in additional funding this week. Assuming the receipt of these funds takes place as scheduled, Saab Automobile expects to have secured the liquidity required to restart production hopefully within 2 weeks, subject to reaching agreement with its suppliers which includes feasible delivery schedules.

Victor Muller, CEO of Swedish Automobile and chairman of Saab Automobile said: “I am relieved to report that we made the June salary payments this afternoon from the proceeds of the sale of cars we announced last Monday. We again extend our sincerest apologies to our employees for the hardship the late payment has caused to them. We have clearly gone through a very rough patch in the past few weeks and hopefully we can now reach agreement with our suppliers so as to ensure a resumption of our production in a controlled way. Our mid and long-term funding is secured by the Pang Da /Youngman agreements which are still subject to obtaining certain governmental approvals. Assuming these approvals are obtained, the Gemini bridge loan will be repaid in full.”

Press Release: Saab Automobile Have Reached Conditional Agreement For Sale And Lease Back Of Saab Property

Trollhättan, Sweden: Swedish Automobile N.V. (Swedish Automobile) announces that Saab Automobile AB (Saab Automobile) have reached a conditional agreement with respect to a sale of 50.1% of the shares in Saab Automobile Property AB (Saab Property) with a transaction value of SEK 255 million (EUR 28 million).

A consortium of Swedish real estate investors, led by Hemfosa Fastigheter AB (the Consortium), will purchase 50.1% of the shares in Saab Property for a total consideration of SEK 255 million, reflecting an adjustment to the transaction price for a one year lease free period. The property consists of 483,000 m2 building space. The investors have the right to purchase additional shares to increase the amount to SEK 300 million (EUR 33 million) on the same terms within 30 days after closing.

Saab Automobile will enter into a lease agreement with Saab Property for a duration of 15 years.

As joint owners, the Consortium and Saab Automobile seek to further develop the property, including a refinancing of the property at a later date when commercially feasible. Saab Automobile is being advised by Catella Corporate Finance.

In order to enable Saab Automobile to sell the property, the Swedish National Debt Office (NDO), being the guarantor of the EUR 400 million loan of the European Investment Bank (EIB), is requested to release its pledge in the shares of Saab Property. If the NDO releases its pledge in the shares of Saab Property, the guarantee of the NDO in favour of the EIB will be reduced by EUR 120 million. As a result, Saab Automobile will draw up to a maximum of EUR 280 million under the existing EIB loan (of which EUR 216.9 million have currently been drawn). A further EUR 63.1 million will remain available to Saab Automobile under the EIB loan. Saab Automobile seeks final approval from the EIB, the NDO and the Swedish government to complete the transaction which it expects shortly.

Swedish Automobile and Saab Automobile continue their discussions with several parties to secure additional short-term funding to restart production. There can, however, be no assurance that these discussions will be successful or that additional short-term funding will be obtained.

Jens Engwall, CEO Hemfosa Fastigheter AB, said: “We are very pleased with the agreement with Saab Automobile. We will continue to add value for Saab Automobile in developing the property.”