Watching the Saab reorganisation reports

Tis the season to be jolly nervous….. The Examiner is posing some Dear Santa questions from various stakeholders in the car industry: Saab Owners: A glimmer of hope for the future of their beloved, quirky sport sedan. Actually, I think most people are wishing for a future hatchback, but that aside…. Yes, people are indeed looking for hope for Saab Automobile. This weekend’s going to be a crucial one as we have a very important court hearing on Monday afternoon and some key events leading up to that hearing will go a long way in determining the short term future […]

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News: Payment transferred

News from the front office in Trollhattan: — Saab confirms that the first payment of the funding, which was promised by Youngman, now has been transferred to Saab’s account. The efforts to secure the remaining funding, needed to pay salaries and continue the voluntary reorganization, continue and the work is moving progressively forward. —

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Press Release: SWEDISH AUTOMOBILE INFORMED BY ADMINISTRATOR OF APPLICATION TO TERMINATE VOLUNTARY REORGANIZATION

Zeewolde, The Netherlands, 7 December 2011 – Swedish Automobile N.V. (Swan) announces it has been informed that the administrator of the reorganization, Mr.< Guy Lofalk, will apply for termination of the voluntary reorganization of Saab Automobile AB (Saab Automobile) and two subsidiaries with the District Court in Vänersborg, Sweden. Saab Automobile and its creditors have approximately five to six days to submit their view to the District Court before the Court takes a final decision about termination of the reorganization. The management of Saab Automobile will consider future steps and continues the current discussions with Youngman about the necessary funding […]

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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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Saab Preliminary Reorganisation Plan

The following plan was submitted to the Vanersborg District Court today as the background material for presentation to the Creditors Meeting. It makes for some very interesting reading in all respects, both as a brief historical document (as in…. how did Saab get here?) and as a guide for the future. If you’re into following what Saab do, or plan to do, then this is your required reading for the week. The sections: 1. Introduction and Background 2. Development since the last reorganization and Consequences thereof 3. The Way Forward 3.1. Immediate Action Highlights 3.2. New Owners and “Extended Saab” […]

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Saab's reorganisation continues

UPDATE: The following press release has just been issued. District Court APPROVE REORGANIZATION Voluntary Continuation Zeewolde, The Netherlands, 31 October 2011 – Swedish Automobile NV (Swan) announces that the District Court in Vanersborg approve the continuation of the voluntary reorganization of Saab Automobile AB and its subsidiaries Saab Automobile Powertrain AB and Saab Automobile Tools AB following the creditors meeting of this morning. —— I don’t have any further details on this, but I’ve just noted a tweet from one of my colleagues at Saab: Good news. We continue on with our approvals and reorganisation. —— You can read a […]

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Press Release: Information On Restructuring Plan for Saab Automobile

Trollhättan, Sweden: Swedish Automobile N.V. (Swan) announces that Saab Automobile AB and its subsidiaries Saab Automobile Powertrain AB and Saab Automobile Tools AB (together Saab Automobile) today present their preliminary reorganization plan to their creditors during a creditors’ meeting in Vänersborg, Sweden. The preliminary reorganization plan, which was developed by Saab Automobile management and supported by the current and foreseen owners of Saab Automobile as well as its administrator of the reorganization, contains the following highlights: Pending the approval from all relevant parties, short- and long-term funding for Saab Automobile is assured: Youngman and Pang Da have expressed their commitment […]

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Regarding the Creditors Meeting

Earlier today I wrote an article here at Inside Saab that may have left the impression that a vote would be taken at the creditors meeting underway today at the district court in Vanersborg. That impression would be incorrect. I’ve received some information internally that spells out the following, which should help those interested in the process Saab is currently involved in: The main purpose of the creditors meeting is to give the creditors influence over the proceedings, i.e. if the proceedings shall be allowed to continue and also the conduct of the reorganisation. The judge leads the meeting. Normally […]

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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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Coverage from the last 24 hours of Saab news

A few pieces from the web that I think people should check out as they try to digest the news from today…….. Firstly, there’s an interview with Saab CEO Victor Muller on Radio P4 West, from Sweden. It’s in English. Lyssna: Saabs vd, Victor Muller, om företagets situation —— From the observer/enthusiast point of view, Life with Saab has summarised the day’s events quite well. It’s a piece of reasoned and measured analysis that I personally think sums up the situation nicely. —— If I can provide a rather basic summary of what’s transpired: Saab had agreements in place with […]

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