Work continues on Youngman deal and reorganisation in Stockholm

So you’ve seen the press release – Our administrator, Guy Lofalk, will file documents today, to end the reorganisation process that we’re currently involved in. The District Court has registered Lofalk’s application, which has now been posted on their website. Saab, as well as the creditors who were present at the creditors’ meeting and those included in the Creditors’ Committee, will have the opportunity to express their views before the District Court announces a decision. On their website, the Court writes that Saab’s deadline expires on December 15, at 1 pm. The District Court intends to issue a decision on […]

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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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Swedish Automobile 3rd quarter report

For those who are interested in the finer details…… You can download a copy of Swedish Automobile’s 3rd quarter report at Saab Media. —— The basics…… • Saab Automobile AB (Saab Automobile), Saab Automobile Powertrain AB and Saab Automobile Tools AB entered voluntary reorganization under Swedish law • Continued discussions underway with key Saab Automobile stakeholders, Zhejiang Youngman Lotus Automobile Co., Ltd. (Youngman) and Pang Da Automobile Trade Company Ltd (Pang Da) about a transaction which will allow for the necessary investments and secure the longer term future and stability for Saab Automobile • Conditional agreement reached on sale of […]

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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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TRADING UPDATE SWEDISH AUTOMOBILE N.V. – THIRD QUARTER 2011

TRADING UPDATE SWEDISH AUTOMOBILE N.V. (including SAAB AUTOMOBILE AB) THIRD QUARTER 2011 Zeewolde, the Netherlands, 18 November 2011 – Swedish Automobile N.V. (Swan), a holding company that owns subsidiaries which produce and sell premium automobiles under the Saab and Spyker brands (together referred to as the “Group”), today issues a trading update for the third quarter of 2011 ended 30 September 2011. The Group is listed on NYSE Euronext Amsterdam (ticker symbol SWAN). KEY DEVELOPMENTS • Saab Automobile AB, Saab Automobile Powertrain AB and Saab Automobile Tools AB (together Saab Automobile) entered voluntary reorganization under Swedish law • Longer term […]

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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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Swedish Automobile N.V.: EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS STILL TO BE HELD ON 11 NOVEMBER 2011

Not so much one about Saab, but I know we have a few SWAN shareholders who tune in here….. —— Zeewolde, The Netherlands, 1 November 2011 – Swedish Automobile N.V. (Swan) announces that the Extraordinary General Meeting of Shareholders (EGMS) will still be held on 11 November 2011. Further information on the sale of Saab will be provided at the EGMS. The EGMS was convened after agreements were signed with Pang Da and Youngman, which related to an equity investment in Swan and the formation of manufacturing and distribution joint ventures with Saab Automobile AB (Saab Automobile) for Saab branded […]

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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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Statement: Further clarifications made by Victor Muller in respect of salary payments

In the past few days Saab Automobile AB’s CEO and Chairman Victor Muller has made statements that the company is in a position to make salary payments to its employees but would not be able to do so because of legal restrictions. These statements have unfortunately led to the interpretation that the funds would be available within Saab Automobile AB. However, Victor Muller reiterates that the funds to which he referred to are not and have never been within Saab Automobile. Victor Muller stresses the fact that Saab Automobile in every aspect is in full compliance with Swedish legislation as […]

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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 […]

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