Saab delay submission to creditors in order to continue negotiations

Re-posted As the day in question is tomorrow and there are still a few headlines going around about this, I thought it wise to bring it back to the top of the page. —— Despite the sound of the headline, this is not a press release. The purpose of this posting is two-fold: to talk of the delay in the submission to creditors that was planned for November 22, and to clarify what was going to happen on that date. As has been mentioned in the media already, Saab/Swan and Guy Lofalk have taken a decision to delay submitting their […]

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MoU with Youngman, Pangda has expired, but talks continue

Today’s the day the Memorandum of Understanding that was signed on October 28 expires. There might be some uncertainty as to what that will mean for Saab today. In short, whilst the MoU does indeed expire, all parties to that deal have agreed to continue talks. General Motors, who must approve any sale of Saab under certain conditions, indicated that they would not accept a sale of Saab Automobile as per the terms of the MoU. Therefore the parties involved are negotiating to determine conditions that GM will accept. As has been previously reported in the media, information has been […]

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Waiting….. (still)

It’s the beginning of what will surely be another big week in the history of Saab Automobile. I think I can speak for colleagues here at Saab and say that we’ve seen some wonderful things in the last few weeks – the support and happiness of people attending the dealer tours, as well as the recent and spontaneous gestures of support on several other fronts as well. We truly appreciate it. I just wanted to quickly refer back to something that I wrote last week in a post called Waiting. There’s no reason why Saab Automobile has to succumb to […]

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Press Release – Swedish Automobile N.V.: INFORMATION ON EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS

I know we have some shareholders in SWAN and other interested parties who visit here, so this is important information for them. It’s also interesting for those business-watchers following developments with regards to the sale of Saab. —— Zeewolde, The Netherlands, 11 November 2011 – Swedish Automobile N.V. (Swan) provides further information regarding the sale of the Saab Auto Group and the Spyker business, including the further consequences for Swan. 1. Sale of the Saab Auto Group On 28 October 2011, Swan entered into a memorandum of understanding (the MOU) with Zhejiang Youngman Lotus Automobile Co., Ltd. (Youngman) and Pang […]

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The process with China and preparing for GM continues

As you may have read in news reports earlier today, discussions are ongoing with our Chinese partners as we try to negotiate a solution that will satisfy all parties. Reuters: China’s Zhejiang Youngman Lotus Automobile Co said it still wanted to invest in ailing car maker Saab after General Motors said on Monday it would stop supplying components and technology if Pang Da Automobile and Youngman succeeded with their acquisition bid. Youngman director Rachel Pang said on Wednesday the company will do “everything they can” to support Saab’s survival. She told Swedish news agency TT Youngman still wants to buy […]

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Press Release: SWEDISH AUTOMOBILE SIGNS MOU WITH PANG DA AND YOUGMAN FOR THE SALE OF SAAB AUTOMOBILE AND SAAB GB

Zeewolde, The Netherlands, 28 October 2011 – Swedish Automobile N.V. (Swan) announces that it entered into a memorandum of understanding with Pang Da and Youngman for the sale and purchase of 100% of the shares of Saab Automobile AB (Saab Automobile) and Saab Great Britain Ltd. (Saab GB) for a consideration of EUR 100 million. Final agreement between the parties is subject to a definitive share purchase agreement between Swan, Pang Da and Youngman, which will contain certain conditions including the approval of the relevant authorities, Swan’s shareholders and certain other parties. The consideration of EUR 100 million will be […]

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Press Release: Swedish Automobile Terminates Subscription Agreement With Pang Da And Youngman

Trollhättan, Sweden: Today, Swedish Automobile N.V. (Swan) announced that it has given notice of termination with immediate effect of the Subscription Agreement of July, 2011 entered into by Swan, Pang Da and Youngman. Swan took this step in view of the fact that Pang Da and Youngman failed to confirm their commitment to the Subscription Agreement and the transactions on the agreed terms contemplated thereby as well as to explicit and binding agreements made on October 13, 2011 related to providing bridge funding to Saab Automobile AB (Saab Automobile) while in reorganization under Swedish law. Pang Da and Youngman have […]

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Press Release: ONGOING DISCUSSIONS WITH PANG DA AND YOUNGMAN

Zeewolde, The Netherlands, 21 October 2011 – Swedish Automobile N.V. (Swan) confirms that a new offer, constituting a direct purchase of the shares of Saab Automobile AB and Saab Great Britain Ltd, was made by Pang Da and Youngman. The parties made the offer during discussions with Swan, referring to changed circumstances since July 2011 when the subscription agreement was signed. Swan declined this offer. Swan has requested confirmation from Pang Da and Youngman that they are able and willing to consummate the agreements that are signed. That confirmation has not been received to date. Further discussions are ongoing. Yesterday […]

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Press Release: Swedish Automobile Received Commitment From North Street Capital On Funding

Trollhättan, Sweden: Swedish Automobile N.V. (Swan) announces it has received a commitment from North Street Capital, LP (North Street) on the funding of Swan and Saab Automobile AB (Saab Automobile). The offer consists of the following transactions: Subscription to 2,386,635 ordinary shares in the capital of Swan at a price of USD 4.19 per share for the purpose of funding the working capital of Swan, Saab Automobile and Saab Great Britain Ltd. The shares to be issued will be paid in full by Friday October 21, 2011. Procurement of a loan to Saab Automobile in the amount of USD 60 […]

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No NDRC decision today

Some internal news from Saab: Many have highlighted October 14 as a possible date when the NDRC would take its decision regarding Saab’s planned business agreements with Pang Da and Youngman. For third parties it is not possible to know exactly when authorities like the NDRC will take their decisions. The reason for October 14 spreading the way it has, is an early assumption made by Saab in court documents, based on general process information that Pang Da and Youngman received from the NDRC. The fact that we didn’t receive any decision from the NDRC today has no bearing on […]

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