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. —
Trollhättan, Sweden: Swedish Automobile N.V. (Swan) announces it is in discussion with Zhejiang Youngman Lotus Automobile Co. Ltd. (Youngman) and a bank in China about an equity interest in Swan. The discussions include a short term solution to enable Saab Automobile to pay the November wages and continue reorganization. The outcome of the discussions is still uncertain. Any possible transaction
Press Release: Swedish Automobile Continues Discussions With Youngman Read Post »
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
Saab delay submission to creditors in order to continue negotiations Read Post »
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
MoU with Youngman, Pangda has expired, but talks continue Read Post »
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
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
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
The process with China and preparing for GM continues Read Post »
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
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
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
Press Release: ONGOING DISCUSSIONS WITH PANG DA AND YOUNGMAN Read Post »
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
